The U.S. dollar is on track for its best weekly performance in three months, according to market data cited by Gate and reported by ChainCatcher. The move came after the Federal Reserve signaled that it could raise interest rates further, giving the dollar fresh support.
Gate data showed the U.S. Dollar Index, or DXY, has gained about 1.1% this week. The index also moved slightly above its 200-day moving average, a technical level closely watched by market participants.
JPMorgan and Standard Chartered were cited as saying that additional Federal Reserve rate hikes have removed the biggest obstacle to further dollar strength. The report did not provide any additional price targets or timeline beyond the current weekly move.
The U.S. dollar is set for its strongest weekly performance in three months, according to Gate market data cited in a ChainCatcher report, after the Federal Reserve signaled that it may raise interest rates further.
The U.S. Dollar Index, or DXY, is up about 1.1% this week and has edged slightly above its 200-day moving average.
JPMorgan and Standard Chartered said the Federal Reserve’s rate-hike path has removed the biggest obstacle to further dollar gains.
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