Dollar Index Reaches Highest Level in 6 Weeks Forex Currency

After Federal Reserve Vice Chairman Christopher Waller suggested that there should be no “rush” to lower interest rates due to high inflation and strong job gains at the beginning of 2024, the US dollar rose to its strongest level against the currency basket in the last six weeks.

Chris Turner, global markets head at ING, said, “Waller seems to have recently shifted his own view on the Fed’s easing cycle to two rate cuts this year, and his message was one of shallower and later rate cuts. DXY’s move above 104.50 towards 105 looks like a bigger risk.”

The DXY dollar index rose by 0.2% to 104.516 level.

source: prepared by Melisa Beğiç

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