The dollar index is seen hovering around 105 mark on Friday as Feds FOMC indicated higher interest rates for a longer than expected period of time. Feds dot plot revealed only one rate cut for the year. This is despite cooling inflation as shown by this weeks US CPI as well as PPI data. Moreover, political uncertainty in Euro zone weighing on the euro and Japanese yen weakening to six week low after BoJ policy is seen supporting the greenback. The dollar index futures are currently seen quoting at 105.09, up 0.27% on the day and set for a marginal weekly gain. Against the basket currencies, EURUSD and GBPUSD are quoting lower by around 0.25% at $1.0761 and $1.2736. Meanwhile, yen weakened past 158 per dollar.
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