Currency Buzz: Dollar Index Sustains Above 100-Mark Ahead Of Key US Inflation Data

12 Apr 2022 , 11:41 AM

The dollar index continues to sustain above 100-mark ahead of the US consumer price data due for release later in the global day. Besides, the yield on benchmark 10-year notes rose to a 3-year high past 2.8% on Tuesday, reinforcing expectations of aggressive Fed tightening policy and pushing the dollar index higher. The dollar index, that measures the greenback against a basket of currencies was last seen quoting at 100.07, holding near its highest level in nearly 2 years. The latest Federal Reserve minutes showed that officials planned to reduce the central banks massive balance sheet by about $95 billion a month, and indicated that one or more 50 basis point interest rate hikes could be warranted to combat surging inflation.

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