2024-11-09 07:23
IndustriaUS Dollar Adds Ground To Close A Strong Week
US Dollar rises after UoM positive data.
Consumer confidence improved, inflation expectations were mixed.
FOMC cuts rates by 25 bps, economic growth remains solid.
The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, rose on Friday. This comes after positive University of Michigan data and the announcement that the Federal Open Market Committee (FOMC) lowered interest rates by 25 basis points on Thursday.
The Fed expressed optimism about economic growth but acknowledged easing labor market conditions. Despite the rate reduction, DXY has rebounded and could continue its upward momentum if the data continues coming in strong.
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US Dollar Adds Ground To Close A Strong Week
| 2024-11-09 07:23US Dollar rises after UoM positive data.
Consumer confidence improved, inflation expectations were mixed.
FOMC cuts rates by 25 bps, economic growth remains solid.
The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, rose on Friday. This comes after positive University of Michigan data and the announcement that the Federal Open Market Committee (FOMC) lowered interest rates by 25 basis points on Thursday.
The Fed expressed optimism about economic growth but acknowledged easing labor market conditions. Despite the rate reduction, DXY has rebounded and could continue its upward momentum if the data continues coming in strong.
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