The dollar index, which measures the greenback against six peers, was steady in early trade at 106.39 having eked out small gains overnight.“The dollar weakened last week after the Federal Open Market Committee meeting because the market wanted to believe that the Fed was pivoting in a dovish manner because of slowing growth,” said Sim Moh Siong, currency strategist at Bank of Singapore.
San Francisco Fed President Mary Daly and Minneapolis Fed President Neel Kashkari overnight voiced their determination to rein in high inflation, reiterating similar messages from other officials the day before. According to CME’s FedWatch tool, the market is pricing in a 58% chance of a 50 basis point rate hike at the Fed’s September meeting, and a 42% chance of a another massive 75 basis point increase.
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