Currency Buzz: Dollar Index Below 107 Mark; Awaits Fed Decision

27 Jul 2022 , 12:35 PM

The dollar index came off previous day highs and fell back behind 107 mark on Wednesday, as all eyes turn to looming Federal rate hike decision due later in the global day. Although expectations are in for a Fed rate hike, the quantum remains unsure amid deteriorating economic data from the United States. US Commerce Department report said new home sales plunged by 8.1 percent to an annual rate of 590,000 in June after jumping by 6.3 percent to a revised rate of 642,000 in May. Meanwhile, Conference Board said US consumer confidence index slid to 95.7 in July from a downwardly revised 98.4 in June. The dollar index, that measures the greenback against a basket of currencies is currently down marginally at 106.98. Meanwhile, US benchmark treasury yields are seen recovering near 2.8% that could push the greenback higher. Powered by Commodity Insights