Currency Buzz: Dollar Index Breaks Past Key Support Of 96

16 Feb 2022 , 11:40 AM

The American dollar is seen retreating in early Asia on Wednesday as the Ukraine geopolitical tensions appeared to ease, but expectations of an aggressive Fed hike cycle could continue to keep the dollar on strong footing. The dollar index, that tracks the greenback against a basket of currencies is seen lingering below to 96 mark after surging to 96.29 in the previous session. DXY is currently quoting at 95.99. However, safe-haven demand for the currency moderated as Russia withdrew some of its troops near the Ukrainian border, de-escalating tensions with the West. Investors now await the FOMC minutes due later in the global day and speeches from other Fed officials for fresh clues on the timing and extent of rate hikes.

Powered by Commodity Insights