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Dollar Index holds near 102.40 as markets await Federal Reserve decision
The US Dollar Index is trading close to a two-week high ahead of the FOMC announcement. Futures point to a Fed hold this time but a sizeable chance of a hike in December. A firmer dollar and hawkish rate pricing could weigh on dollar-denominated risk assets.
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The DXY was quoted around 102.40 during Wednesday's early European session, according to FXStreet. Other reports placed it between roughly 102.00 and 102.50. The index was rising for a third session in a row after recovering from a low touched the previous Thursday.
Fed funds futures show a high probability that the Federal Reserve leaves rates unchanged at this meeting. Market pricing cited in the reports puts the chance of a rate increase in December at about 84%.
Analysts at ING, including Francesco Pesole, Chris Turner and Frantisek Taborsky, described the dollar as starting the week on solid ground. In their view, steadier AI sentiment, a hawkish Fed backdrop and elevated energy prices are all lending support.
A stronger dollar combined with expectations of higher rates generally tightens global financial conditions. That tends to pressure assets priced in dollars, including cryptocurrencies. Even so, current forecasts for most instruments remain close to neutral over the next day.
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Version history
- v2 · Oct 28, 12:02 — no text correction
- v1 · Oct 28, 11:59 — first publication