In a illiquid environment, the dollar has been steady. Many traders are still on holiday and there are no important data releases on the US economic data calendar on Friday. The dollar index has risen more than 4 per cent since Mr. Trump won the presidential election on November 5. Mr. Trump's proposed policies, including trade tariffs and tax cuts, are expected to drive up inflation and limit the Fed's room to cut interest rates. The data showed that the market expects the Fed to cut interest rates by a further 36 basis points by December 2025.