US Dollar index softens near 100 mark, gives up gains after hitting one week high

The US dollar index stayed slippery after a volatile movement over last two sessions. The US dollar is failing to hold onto one week highs above 101 mark following Federal Reserves jumbo interest rate cut. The dollar index that measures the greenback currently quotes at 100.30, down marginally on the day after testing 14-month low on Wednesday after the Federal Reserve (Fed) implemented a significant 50 basis point (bps) reduction in interest rates and forecast rates falling by another half of a percentage point by the end of this year. Fed officials also expect to continue lowering rates next year, with the projections indicating rates will be lower by another full percentage point by the end of 2025.

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