Dollar index pulls back under 100 mark; All eyes on Fed

The dollar index pulls back under 100 mark on Tuesday as oil prices retraced by over 5% in the previous session after Iran allowed many countries to ship their oil and Liquefied Petroleum Gas (LPG) tankers from the Strait of Hormuz. The DXY was pushing higher as oil prices surged above 100 mark on soaring oil prices that could drive inflation and suggesting a hawkish policy action by central banks. However, ongoing escalation in Middle East is keeping the DXY supported well above 99.60 mark. Investors will focus on the Feds policy meeting on Wednesday, for more cues on the monetary policy outlook. Among basket currencies, EUR and GBP edged lower to the tune of dollar gains.

 

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