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The dollar index dropped below 100 points for the first time since April 2022


July, 13 2023
watermark Economic news

The dollar index on Wednesday dropped below 100 points for the first time since April 2022.


The dollar index (the exchange rate against a basket of currencies of six US trading partner countries) declined by 0.54% to 99.98 points during Thursday's trading. The indicator is below 100 points for the first time since April last year. The EUR/USD exchange rate rose to $1.1189 from the previous closing level of $1.1128. The USD/JPY exchange rate declined to 138.25 yen from 138.5 yen.


Investors continue to evaluate US inflation data. According to statistics published yesterday, annual inflation in the country slowed to 3% by the end of June from 4% a month earlier. Analysts had forecast the indicator at 3.1%.


Due to the unexpected slowdown in inflation, the markets expect the easing of the monetary policy of the US Federal Reserve. About 95% of the analysts surveyed predict a 25 basis point increase in the key rate in July. However, about 74% of experts predict only one rate increase by 25 basis points in the period from July to November. At the June Fed meeting, the rate was kept at 5-5.25%.


Analysts note that more «dovish» expectations from the Federal Reserve System caused the weakening of the dollar, the index of which is declining for the fourth trading session in a row.


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