US DOLLAR INDEX STRENGTHENS AHEAD OF FED MINUTES

Published on May 22, 2024 17:33

The US dollar is advancing for the third straight session on Wednesday ahead of the release of FOMC minutes that could throw some light on Federal interest rate decision. The dollar index that measures the greenback against a basket of currencies is quoting at 104.80, up 0.23% on the day. Expectations that US Fed will maintain restrictive stance for longer period of time, considering that inflation will need much more time to ease before beginning to cut rates is keeping dollar buoyant. Among the basket currencies, EURUSD and GBPUSD are trading lower at $1.0837 and $1.2705 respectively.