FOMC meeting ended with 50 bps interest rate cut to the 4.75%-5.00% range. The Dot Plot suggests a gradual easing cycle that hints at three cuts in 2024. Chair Powell stressed during his presser that the Fed is not in a rush. The US Dollar Index , which measures the value of the USD against a basket of currencies, is trading flat near 100.70 on Thursday as the market digests the Federal Reserve's 50-basis-point cut.
00, while resistance levels are at 101.00, 101.30 and 101.60. 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.