Currency Buzz: Dollar Dragged Higher By Spike In Yields

28 Sep 2022 , 10:40 AM

The dollar index once again resumed upward journey on Wednesday towards fresh 20 year peak of 114.63 on upbeat consumer confidence and a lower-than-expected decline in durable goods demand. Meanwhile, Chicago Fed President Charles Evans and St. Louis Fed President James Bullard made a case for more rate hikes, reaffirming the central banks commitment to tame inflation even at the risk of a recession. As per media reports, U.S. Federal Reserve will need to raise interest rates to a range between 4.50% and 4.75%, Chicago Fed President Charles Evans said on Tuesday. The dollar index that measures the greenback against a basket of currencies was up 0.44% at 114.54, fresh two decade peaks while benchmark US treasury yields spike to 4% early today. Currently the dollar index is quoting at 114.59, up 0.47%. Powered by Commodity Insights