Derek Halpenny, an analyst at Mitsubishi UFJ, said the dollar was unlikely to continue falling even if the Fed hinted that a rate cut could come soon. Recent price movements suggest that the link between Treasury yields and the exchange rate is decoupling, while fragile risk appetite supports demand for safe-haven assets such as the dollar. Therefore, any dollar depreciation caused by the signal of a rate cut will not last long, especially if the September rate cut has been fully digested by currency markets. Falling commodity prices and increased stock market volatility are not conditions for continued dollar selling.