The US dollar index plunged to its lowest level since April 2022 as inflation dramatically cooled again.
""For the big dollar trend, this may be the start of the long-awaited cyclical decline," ING strategists said.
It declined accelerated after data released Wednesday showed US inflation came in at 3.0% in June annually, the lowest level since March 2021.
"For the big dollar trend, this may be the start of the long-awaited cyclical decline.
The Fed has raised benchmark rates by 500 basis points since last spring, from near-zero levels to north of 5%.
Persons:
Chris Turner, DXY, James Knightly
Organizations:
ING, Service, Fed
Locations:
Wall, Silicon