Currency Buzz: Dollar Index Extends Weakness Under 107 Mark

19 Jul 2022 , 01:40 PM

The US dollar index extended decline to its lowest level in nearly a week, under 107-mark as expectations of an oversized rate hike by Federal Reserve eased considerably. The dollar index, that measures the greenback against a basket of currencies eased from a multi-year high attained in the previous week and is currently quoting down 0.76% at 106.45. Meanwhile, the euro, which is the most heavily weighted currency in the dollar index, climbed more than 1% to $1.0247. The common currency slid as low as $0.9952 on Thursday for the first time since December 2002, pressured by uncertainty about a potential energy supply crunch in the euro zone. Powered by Commodity Insights