9 hours ago
U.S. dollar index hits lowest since July as Fed decision looms
A closely watched gauge of the dollar’s value against its main rivals touched its lowest intraday level since early July on Tuesday as investors looked toward an expected interest-rate cut by the Federal Reserve on Wednesday.
The ICE U.S. Dollar Index, a closely watched gauge of the buck’s value versus the euro, yen and other major rivals, was off by 0.5% in recent trade, briefly dipping below 97 earlier, FactSet data showed. That marked the lowest level since July 7.
Much of the dollar’s pullback was driven by a breakout for the euro and Japanese yen. But whether the move will hold remains an open question, said BNY’s Bob Savage.
