Rising interest rates seem to be having the desired effect, with inflation in the US showing signs of easing, and data also highlighting the housing market taking a breather in July.
However, the latest FOMC Minutes, and recent comments from Fed officials, continued to reiterate the central bank’s willingness to keep tightening aggressively in order to tackle inflation. As a result, the US Dollar Index shot higher on Thursday, taking out resistance near 107 as the greenback rallied against other major currencies.
Can DXY target a retest of its mid-July highs?
Check out this article for an in-depth analysis into USD and where it could be headed next: