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The Us dollar index slumped amid Fed's remarks

20 Oct,2023
The Us dollar index slumped amid Fed's remarks

Following Federal Reserve Chair Powell's announcement that interest rates would remain unchanged at the upcoming FOMC meeting and his cautious approach to further policy firming, the dollar index fell by 0.33% on Thursday, October 19, 2023. The 10-year Treasury note yield reaching a 16-year high and subpar market performance, which boosted demand for dollar liquidity, both helped to offset this decrease.

The currency market was affected by mixed U.S. economic reports as well. Leading indicators, the results of the September Philadelphia Fed business outlook survey, and existing home sales all showed declines. However, a decline in weekly unemployment claims points to an improving labor market.

The yen, which had fallen to a two-week low against the dollar, has now recovered. The BOJ quarterly report, which updated economic estimates for six out of nine regions in Japan, and a decade-high yield on Japanese government bonds were the main factors in this.

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