The dollar index (DXY00) today is down by -0.19%. The dollar is lower as T-note yields declined on the weaker-than-expected US Jul PPI report, which bolstered the chances for a Fed rate cut at the September FOMC meeting. Today’s rally in stocks has also reduced liquidity demand for the dollar. US July PPI final demand eased to +2.2% y/y from +2.7% y/y in June, a smaller increase than expectations of +2.3% y/y. Also, July PPI ex-food and energy eased to +2.4% y/y from +3.0% y/y in June, better than expectations of +2.6% y/y. The markets are discounting the chances at 100% for a -25 bp rate cut …