Dollar index approaches 103 mark as Fed meeting minutes highlight possibility of further rate hikes

Published on Jul 06, 2023 12:22

The US dollar index has approached near 103 mark following continued focus on the elevated interest rates in the US. The minutes of the last US Fed meeting revealed that most members thought further hikes are on the way while agreeing that holding the target range steady at this meeting allowed the Committee to assess additional information and its implications for monetary policy. US benchmark bond yields stayed firm above 3.9% dragging dollar higher. The US dollar index also benefited from lax risk appetite and is currently holding at 102.91, down 0.10% on the day.