Dollar Index Drops Below 103, Lowest Level Since January 15th
CryptoNewsTerminal Staff05 Aug, 2024
Dollar Index Drops Below 103, Lowest Level Since January 15th
The dollar index (DXY) has dropped below 103, reaching its lowest level since January 15th, according to Coinnis market monitoring. According to TradingView, the dollar index is currently at 103.221. The dollar index measures the value of the US dollar against the currencies of six major countries, including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc. The decline in the dollar index is likely due to a combination of factors, including rising inflation in the United States and expectations that the Federal Reserve will raise interest rates less aggressively in the coming months. A weaker dollar can make US exports more competitive and boost economic growth. However, it can also lead to higher import prices and inflation.
