The dollar index (DXY00) today is up by +0.38%. Higher T-note yields today are supporting moderate gains in the dollar. The dollar is also climbing on reduced speculation that the Fed will cut interest rates aggressively as swap markets are discounting the chances for a 50 bp rate cut at next week’s FOMC meeting at 28% from 50% after the release of last Friday’s US payroll report. Today’s US economic news supported the dollar after Jul wholesale trade sales rose +1.1% m/m, stronger than expectations of +0.3% m/m and the largest increase in 5 months. The markets are discounting the chances at 1…