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US Dollar Index Rebounds As Fed Reassess Interest Rate Path

Published on Jun 13, 2024 12:04

The US dollar regained momentum on Thursday following a setback in the previous session as US inflation showed signs of cooling. US annual core CPI, which excludes volatile food and energy prices, was up 0.2% during the reported month and rose 3.4% on a yearly basis as compared to the 3.6% increase in April and estimates for a reading of 3.5%. The dollar index futures slipped below 104 mark for an interim period post the data but rebounded thereafter after Fed�s dot plot revealed fewer rate cuts this year. FOMC projected fewer rate cuts this year after keeping interest rates unchanged at the end of a two-day policy meeting. The dollar index futures are currently quoting at $104.41, up 0.19% on the day. Among the basket currencies, EURUSD was down 0.11% at $1.08 and GBPUSD slumped 0.30% on the day at $1.2775.

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