The US Dollar Index (DXY) rallied to 105.20, up by nearly 1%, on Wednesday.
Inflation measured by the CPI in the US accelerated in March. Following the hot figures, the odds of a rate cut in June plummeted. Hawkish bets on Fed, soaring US Treasury yields benefit USD. The US Dollar Index rallied to 105.20, up by nearly 1%, on Wednesday. The Greenback gained strength on hot inflation figures in the US Consumer Price Index for March, which made markets start giving up hope for a June rate cut by the Federal Reserve .
US Dollar FAQs What is the US Dollar? The US Dollar is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022.
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