US Dollar Holds Gains Amid Fed Rate Hike Expectations
The US Dollar Index (DXY) posted modest gains around 100.30 on Friday as traders continued to assess the latest Federal Reserve rate hike and policy cues.
On Wednesday, the Fed raised its benchmark interest rate by a quarter-percentage point to a range of 3.75% to 4.00%, marking the first time since July 2023 that rates have been increased.
Fed Governor Michelle Bowman's speech later on Friday is set to provide further insight into the central bank's thinking, with markets now pricing in nearly a 53.1% chance of another US rate hike when the Fed meets next in October.