US Dollar declines as market awaits Fed signals

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The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, is declining on Friday as profit-taking sets in following a strong rally earlier in the month.

US Dollar weakens on Friday due to profit-taking. Fed speakers set to comment on monetary policy on Friday, which might set the late session’s pace. US housing data shows a decline in Building Permits and Housing Starts. The US Dollar Index , which measures the value of the USD against a basket of six currencies, is declining on Friday as profit-taking sets in following a strong rally earlier in the month.

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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