Currency Buzz: Dollar Rally Takes A Breather

15 Jul 2022 , 01:48 PM

Dollar took a breather after sustained rally during the week as investors turned uncertain about further rate hikes. The dollar index lingered in the 108-mark range tracking pullback in US benchmark treasury yields as possibility of an oversized rate hike eased following remarks from hawkish central bankers in separate events. Federal Reserve Bank of St. Louis President James Bullard said he favoured sticking with a 75 basis-point rate increase later this month, rather than an even bigger move, following the hotter-than-expected June consumer inflation report according to media reports. Further, another report stated that Fed Governor Christopher Waller said he expects to raise the central banks benchmark interest rate 75 basis points this month but that hes open to a larger move depending on incoming data. Powered by Commodity Insights