Currency Buzz: Dollar Maintains Firm Tone Ahead Of Fed

19 Sep 2022 , 03:48 PM

The dollar maintains a firm tone on Monday on continued bets of an aggressive interest rate hike by the Federal Reserve. Rising US benchmark 10 year treasury yields soaring at a decade high of 3.5% on expectations of Fed rate hike too dragged the dollar higher. The dollar index, which measures the currency against six counterparts, was stronger by 0.35% at 109.89, heading back towards a 20-year high of 110.79 hit on September 7. Meanwhile, euro that carries maximum weight in the dollar basket traded below the $1 parity level ahead of the Federal Reserves interest rate decision on Wednesday. EUR/USD is currently quoting lower by 0.44% at $0.9970.Powered by Commodity Insights