The dollar index extended gains to 104.9 on Wednesday, the highest level in a bout a week, after FOMC minutes suggested interest rates will stay elevated for a longer period. The minutes showed Fed policymakers remain concerned about inflation, and noted the acceleration seen in the first quarter showed it will take longer than initially thought to have full confidence in the inflation trajectory. The odds for a rate cut in September declined to 61% and 72% in November. Comments from several officials made this week have further indicated a hawkish stance. The greenback strengthened mostly against the Aussie, the euro and the yen.
The DXY increased 0.2692 or 0.26% to 104.9026 on Wednesday May 22 from 104.6334 in the previous trading session. Historically, the United States Dollar reached an all time high of 164.72 in February of 1985. United States Dollar - data, forecasts, historical chart - was last updated on May 22 of 2024.
The DXY increased 0.2692 or 0.26% to 104.9026 on Wednesday May 22 from 104.6334 in the previous trading session. The United States Dollar is expected to trade at 104.87 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 106.32 in 12 months time.