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The U.S. dollar index consolidated after breaking through the 106.00 mark
The Fed’s “longer-term interest rate hike” argument supports the U.S. dollar index
Weekly mortgage applications and durable goods orders will be released next.
The U.S. Dollar Index (DXY), which tracks the greenback against its main rivals, continued its rebound, hitting a new high for the year near 106.30 on Wednesday.
The U.S. dollar index extended this week’s gains and is expected to consolidate its recent breakthrough above the key 106.00 mark, rising for the 11th consecutive week while rising to levels seen at the end of October 2022.
The dollar’s rebound appeared to be bolstered by higher U.S. yields across the board and support from speculation that the Federal Reserve could remain in its current restrictive territory for longer than previously expected.
Back on the US calendar, MBA will report on the usual weekly mortgage applications, while durable goods orders for August will also be in focus.
