Dollar Index Corrects Amid Plethora Of Fed Speakers

Published on Sep 08, 2023 13:02

The US dollar index has eased ahead of the weekend as the recent array of gains led to some corrective action. The US dollar index had hit a six month high above 105 mark yesterday but saw a pullback thereafter amid a slight moderation in the US treasury yields. A flurry of remarks from the US Fed officials yesterday offered an overall mixed view of the US economic and monetary dynamics. Dallas Federal Reserve Bank President Lorie Logan stated that while it could be appropriate to skip an interest-rate increase at the U.S. central bank`s upcoming meeting, more policy tightening will likely be needed to get inflation down to 2% in a timely way. New York Fed President John Williams said interest-rate policy is in a good place and policymakers are watching data. The Chicago Fed`s Goolsbee indicated that central bank is almost done raising rates. This array of talks tilted the balance in favor of Fed being turning somewhat around from its tight money policy and played a key role in pulling the DXY under 105 mark. The index currently quotes at 104.88, down 0.15% on the day.