[CME Fed Watch: The probability of a 50 basis point rate cut in November has risen to 58%] Golden Finance reported that CME's Fed Watch tool currently shows that the probability of a 50 basis point rate cut in November is 58%. Bannockburn's Marc Chandler said that the expectation that the Fed will cut interest rates by another 50 basis points in November put pressure on the US dollar yesterday, although the dollar has now recovered. The US Conference Board Consumer Confidence Index for September was lower than expected yesterday, showing weak consumer confidence, especially in the labor market, sparking speculation that the Fed will cut interest rates by another 50 basis points.