The US Dollar Index (DXY) falls slightly to near 104.20 in Friday’s New York session after the United States (US) Bureau of Economic Analysis (BEA) published the Personal Consumption Expenditure Price Index (PCE) report for June.
The US Dollar drops as steady US core PCE inflation growth appears insufficient to impact firm Fed rate-cut bets. The Fed is widely anticipated to leave interest rates unchanged next week. Fed officials’ confidence over inflation returning to 2% path has improved. The US Dollar Index falls slightly to near 104.20 in Friday’s New York session after the United States Bureau of Economic Analysis published the Personal Consumption Expenditure Price Index report for June.
It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.
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