The Bloomberg Dollar Index experienced significant fluctuations recently, initially surging to its best performance in over a month due to positive PMI data and hawkish remarks from Jeffrey Schmid. However, this upward momentum was short-lived, as the index subsequently declined by 1%, reaching its lowest level since January. This decline has been attributed to various factors, including the Federal Reserve's potential rate cuts, which may undermine the dollar's strength. The U.S. Dollar Index has also been under pressure, recently hitting a 13-month low, with some analysts suggesting that the Fed's approach to inflation could exacerbate the situation. Concurrently, the Bloomberg Commodity Index fell to a two-week low, while gold and industrial metals, including LME nickel, saw declines, with nickel down 2%.