The dollar index rose on Wednesday as Federal Reserve Chair Jerome Powell did not rule out the possibility of another rate hike by the central bank at its next meeting in July.
Powell, speaking at a European Central Bank conference along with Bank of England Governor Andrew Bailey, ECB President Christine Lagarde and BOJ Governor Kazuo Ueda, noted that most central bankers still seethis year, and did not rule out the possibility of more rate hikes at its next policy meeting set for July 25-26.
Expectations for a 25 basis point hike at the July meeting moved up to 84.3% from 76.9% a day earlier, according to CME's"It’s not a big change. To me they are all reading from the same scripts from their recent central bank meetings," said Erik Bregar, director, FX & precious metals risk management, at Silver Gold Bull in Toronto.
the central bank would see a good reason to alter its monetary policy if it became "reasonably sure" inflation would start to re-accelerate into next year after a period of moderating.
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