The U.S. dollar index (DXY) was trending down in early morning trade on Thursday after multiple days of moving up as a meeting of the Federal Reserve failed to clarify the expected dates for interest rate cuts in 2024.
DXY rose to a two-week high of 102.61 on Wednesday, extending its gains from Tuesday. However, it pared back some of the gains after the Federal Reserve meeting report was released.
In early morning trade on Thursday, DXY was on a downtrend, trading at 101.95 as of 3:55 a.m. ET.
The Federal Open Market Committee (FOMC) minutes showed that the agency will likely cut interest rates this year but did not provide details on the timing or size of the cuts. This essentially means that rates could stay high for an uncertain period of time, dampening investor enthusiasm.
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US Dollar Declines After Fed Meeting Fails to Clarify Rate Cuts
- by: Naveen Athrappully
- 2024-01-04
- Source:
The Epoch Times
- 01/04/2024
