The dollar index rose above 105.5 on Wednesday, hitting one-week highs as hawkish remarks from a Federal Reserve official lifted the currency. Minneapolis Fed President Neel Kashkari said on Tuesday that he expects that central bank stay put for an extended period until there is clear evidence of disinflation, and did not rule out the possibility of a hike if inflation accelerates. Still, markets are pricing in interest rate cuts this year, with the latest softer-than-expected US jobs data and dovish signals from other Fed officials cementing such expectations. Investors now look ahead to further central bank commentary and Friday’s Michigan Consumer Sentiment Index for more clarity on the rates path. Externally, the dollar continued to strengthen against the yen even as Japanese authorities reiterated warnings against extreme currency moves.
The DXY increased 0.0837 or 0.08% to 105.5081 on Wednesday May 8 from 105.4244 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 8 of 2024.
The DXY increased 0.0837 or 0.08% to 105.5081 on Wednesday May 8 from 105.4244 in the previous trading session. The United States Dollar is expected to trade at 106.97 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 108.93 in 12 months time.