Currency Buzz: Dollar Index Halts Rampant Rally

27 Sep 2022 , 12:43 PM

The dollar index paused rampant rally on Tuesday as investors booked profit, but still stayed near fresh two decade peaks hit in the previous session. Mounting recession fears amid tightening monetary conditions to curb soaring inflation led investor to flock to the safe haven currency for respite. The dollar index that measures the greenback against a basket of currencies was quoting lower by 0.43% at 113.53, having spiked to a high of 114.41, a fresh 20 year peak yesterday. Benchmark US treasury yields also pulled back slightly but stay close to 3.9%. Meanwhile, the euro that carries maximum weigh in the dollar basket continues to stay below parity against the dollar at $0.96.Powered by Commodity Insights