FOMC Announcement Triggers Dollar Decline, Testing Year's Low

FOMC Announcement Triggers Dollar Decline, Testing Year's Low

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『Join Everything Trading Today for FREE! 😱 Subscribe Now at https://everythingtrading.com 』 Dive into the dynamic realm of financial markets with our expert speaker, Daniel Ang, by joining Everything Trading Daily Market Movements. Gain exclusive insights and stay ahead of market trends. --------------------------------------------------------------------------------------------------------- ▶️Short-Term Dollar Index Outlook – Friday, December 15, 2023 ◀️ Wednesday’s Federal Open Market Committee’s (FOMC) signal that peak interest rates have been achieved and that the Fed is ready to reverse its monetary policy in 2024 caused the Dollar to tumble. The fact is the Dollar has been declining since hitting a peak on October 3. This means what we are seeing right now in the Dollar Index is an acceleration of the decline to levels not seen since early August. At the rate the Dollar Index is falling, it is likely to challenge the year’s low of 99.22 soon. With two more weeks remaining before the end of 2023, there is plenty of time for the index to test this level. The index is currently trading at 102.78 and has lost almost 2% this week. For the year, it is down 1.51% erasing all its gains for the year, far from its year high of 107.05 which was registered on October 3. How the mighty has fallen.