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Dollar Index: Intraday Analysis & Forecast

Equity markets falling while the Federal Reserve pushes back on interest-rate cut prospects due to persistently high inflation during Wednesday’s announcement could be a boon for the U.S. dollar, says ING’s global head of markets Chris Turner. In recent months, the safe-haven dollar’s gains have been limited because equities have rallied, despite investors substantially scaling back rate-cut expectations, he says in a note. “Rising equity markets have prevented the dollar from rallying as much as yield differentials would suggest.” An equity selloff as the Fed flags higher-for-longer interest rates should “prove a clean dollar bull story,” he says. The DXY dollar index rises 0.2% to 106.389, nearing its 2024 high of 106.517. The Fed’s announcement is at 1800 GMT.

 

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