US DOLLAR INDEX SINKS TO TWO WEEK LOW

Published on Jul 04, 2024 11:57

The US dollar index slumped yesterday, breaking under 105 mark and testing a two week low as markets reassessed their interest rate views following release of the US Federal Reserve�s monetary policy meeting minutes. The minutes of the June 11-12 meeting said participants noted that progress in reducing inflation toward the Fed`s 2 percent target had been slower this year than they had expected last December. Fed forecasts are now suggesting just one interest rate cut this year compared to the three predicted in March. This took a toll on Dollar index after its recent flourish and the index sank. It currently linger around 105 mark, down marginally on the day.