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The dollar index stood at 101.1 on Tuesday, consolidating its pullback from a 15‑month high of 101.6 reached on June 24th, as waning fears of runaway inflation tempered expectations for the scale of Federal Reserve rate hikes. Satellite data showed an increase in tanker traffic departing the Persian Gulf after Iran and the United States signed a memorandum of understanding and lifted naval blockades. The prospect of restored energy supplies from the region helped push down oil and fuel prices, prompting rate traders to unwind positions that had priced in multiple rate increases this year.
Even so, the Federal Open Market Committee’s hawkish projections remained consistent with recent data highlighting a resilient labor market and persistently high core inflation, sustaining the risk that policy will still be calibrated to a restrictive stance. The DXY also found support from Japan’s fiscally cautious stance, which contributed to driving the yen to a four‑decade low, while softer‑than‑expected inflation readings in the Eurozone capped gains in the euro.
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