The dollar index, which measures the currency versus six counterparts, edged 0.07% higher to 108.65, after reaching and then falling back from the highest since September 2002 at 109.29 on Thursday.
Fed funds futures currently indicate a 31% chance of a 100 basis-point increase, down from around 70% before the comments. “The FOMC will have to remain hawkish both at the July meeting and beyond, solidifying US dollar yield support.” The euro zone is struggling with a worsening energy crisis as Russia shut down a gas pipeline for regular week-long maintenance, leaving markets jittery about whether it will comeback online, with Russia saying it will depend on demand and sanctions.
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