Dollar Index Jumps Nearly 1% to Reach 3-Month Highs

Published on Feb 14, 2024 12:40

The dollar index maintained three-month highs near 104.80 on Wednesday, following a nearly 1% surge in the previous session, driven by hot US consumer inflation data. Despite headline inflation easing to 3.1% in January from 3.4% in December, core inflation remained stable at 3.9%, leading markets to anticipate no Fed rate cut in March and lowering the probability of a move in May. All eyes are now on Chicago Fed President Austan Goolsbee�s upcoming comments for further guidance. The greenback strengthened across major currencies, hitting three-month highs against the euro, Australian dollar, and Chinese yuan.