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Commodity Mid Session News

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(30 Jan 2025, 12:16)

Currency Buzz: Dollar index rallies to one week top, Powell says there is no rush for rate cuts

The US dollar index spiked to a one week high above 108 yesterday, holding onto the latest rebound from five week low as focus stayed on near term US monetary policy outlook. The Federal Reserve said that the interest rate will remain unchanged in the 4.25-4.50% range, noting that inflation remains "somewhat elevated and economic outlook is uncertain". Fed had cut the rates for three consecutive times before this pause. Federal Reserve Chair Jerome Powell highlighted that there was no rush to go for rate cuts until inflation and jobs data made it appropriate. Powell said that Fed officials are taking a wait-and-see approach before making any rate adjustments. Dollar index has come off its yesterday’s high and currently quotes at 107.82, almost unchanged on the day.
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