DOLLAR INDEX MARGINALLY UP AS MARKET FOCUSSES ON COMMENTS FROM FED OFFICIALS

Published on May 17, 2024 12:43

The US dollar index edged up marginally today, gaining for a second session as a bounce from five week low stayed in place. However, mixed comments from the US Fed officials weighed on the sentiments and capped gains for the US currency. Cleveland Fed President Loretta Mester said she still regarded progress on inflation this year as disappointing and noted that if long-term expectations also begin to increase the Fed may need to be open to further rate increases. Meanwhile, Atlanta Fed president Raphael Bostic noted that while he is pleased with inflation progress, the Fed is not yet there. He stated that it could be appropriate to reduce states towards year end. Dollar index tracked these comments amid a largely mixed set of economic data on Thursday and currently quotes at 104.46, up 0.11% on the day.