According to CoinMeta, U.S. inflation data in October exceeded expectations for the third consecutive month. Coupled with Federal Reserve Governor Jerome Powell's support for a rate hike in December, the U.S. dollar index rose by more than 0.6% on Tuesday, recording the largest one-day increase since September. Markets have further increased their bets on rate hikes in 2027 and have begun to take into account the slight possibility of a 50-basis-point hike in December, after previously fully digesting the expectation of a 25-basis-point hike in December. Dallas Fed President Robert Kaplan also supports at least two more rate hikes of 25 basis points each. Major currencies weakened against the dollar, with the Norwegian krone, Australian dollar, and Swedish krona all falling by more than 1%, and the Japanese yen briefly dropping by 0.6%. Markets believe that as long as the Federal Reserve maintains a hawkish stance, there is still room for the dollar to strengthen further in the short term.