DOLLAR INDEX SCALES TO OVER 1-MONTH HIGH ABOVE 103 MARK AS WALLER SIGNALS FED SHOULD LOWER RATES `METHODICALLY AND CAREFULLY`

Published on Jan 17, 2024 11:10

The dollar index scaled to fresh highs on Wednesday to its highest level in over a month above 103 mark amid safe haven demand and reduced expectations of a Federal rate cut anytime soon. US benchmark treasury yields surging above 4% also drag dollar higher. Fed�s Christopher stated in a speech yesterday that the timing and number of rate cuts will be driven by the incoming data. When the time is right to begin lowering rates, I believe it can and should be lowered methodically and carefully, he added. The dollar index that measures the greenback against a basket of currencies is currently quoting at 103.22, up 0.10% on the day. Among the basket currencies, EURUSD and GBPUSD are both loitering around a one-month low at $1.0891 and $1.2616 respectively.