Fed Turned Dollar Upside Down; Downgraded its Rate Hike Outlook

Well cautious Fed for global headwinds has put dollar on defensive mode against its major rivals overseas taking the dollar index below the levels of 96. The index is at present trading at the levels of 95.68 down by 0.02% compared to its previous close of 95.70 levels after testing the levels of 95.64 in the early Asian hours. After Fed descended its outlook for four rate hikes to two by the end of this year, dollar rivals enjoyed their dominance. Recent bout of strong economic data from US indeed moved up the prospects for four rate hike by the Federal Reserve but yesterday’s reality check turned out those expectations.

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