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US dollar sedated around 100.60 mark as yesterday's strength fails to sustain As on : 01-Oct-24  12:37

US dollar index edged up yesterday as a recovery from 14 month lows stayed in place. The index has been holding up above 100 mark and pushed up near 100.70 threshold yesterday after comments from US Federal Reserve Chair Jerome Powell that led to a mild surge in risk aversion. The US Fed chief suggested the central bank will continue to lower interest rates but stressed the downward path for rates is not on a preset course. Powell said the decision to slash rates by half a percentage point earlier this month reflects the Fed's growing confidence that an appropriate recalibration of monetary policy will maintain strength in the labor market and keep inflation moving sustainably down to the 2 percent target. However, dollar index stayed mostly sedated thereafter and currently quotes flat around 100.60 mark.

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