US Dollar Index renews 20-year high around 111.50 on firmer yields, hawkish Fed – by anilpanchal7 DollarIndex RiskAppetite Fed YieldCurve Recession
gauge versus the six major currencies rises for the third consecutive day to poke the mid-2002 levels.
The quote’s latest rebound could be linked to the US Treasury yields as the bond coupons regain upside momentum after retreating from the multi-year high the previous day. That said, the US 10-year Treasury yields bounce back towards the 11-year high marked the previous day, up three basis points near 3.55% whereas the 2-year counterpart rises 0.75% intraday to 4.085% at the latest, near the highest levels in 15 years.
Previously, US Federal Reserve announced 75 basis points of a rate hike, the third one in a line of such kind, as it wants to tame inflation fears even at the cost of a “sustained period of below-trend growth” and a softening in the labor market. Fedalso signaled that the way to tame inflation isn’t painless ahead. While the Fed matched market forecasts, the economic fears surrounding the rate hikes and expectations of another 0.
Amid these plays, Wall Street closed in the red and the S&P 500 Futures print mild losses by the press time.Technical analysis US Dollar Index remains on the bull’s radar unless declining back below the 111.30 level comprising the late 2001 swing low.
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