DOLLAR INDEX FUTURES HOLD FIRM ON HAWKISH FED REMARKS

Published on May 08, 2024 10:18

The dollar index is holding firm well above its recent lows amid renewed hawkish remarks from Fed officials. The dollar index futures are quoting higher by 0.14% at 105.45, off last week�s low below 105 mark. Minneapolis Fed President Neel Kashkari reportedly said on Tuesday that he can�t rule that the next move from the central bank will be a rate hike. He stated that inflation has been largely stalled for the first three months of the year at a rate, roughly 2.7% that policymakers regard as still too far above their target to declare the job finished. Investors await BoE monetary policy decision for the week for further cues on direction. Among the basket currencies, EURUSD and GBPUSD are quoting lower at $1.0759 and $1.2488 respectively.