Dollar index sees mild pull back but heads for weekly gain
The dollar index pulled back on Friday even as persistent geo-political tensions in Middle East limited sharp downside in the safe haven currency. As per latest report, the White House says US President Donald Trump will make a decision on whether the US will join in the Israel-Iran conflict in the next two weeks. Meanwhile, US Federal Reserve (Fed) yesterday announced to leave the interest rate unchanged at 4.5% in June but still sees around 50 basis points of interest rate cuts through the end of 2025, weighing on the greenback. Moreover, President Donald Trump on Thursday reportedly targeted Federal Reserve Chair Jerome Powell, calling for a massive 2.5-point reduction in interest rates. Investors now await the Fed's Monetary Policy Report, scheduled for release on Friday. The Federal Reserve Board will submit reports to Congress containing discussions of "the conduct of monetary policy and economic developments and prospects for the future." The dollar index that measures the greenback against a basket of currencies is quoting at 98.18, down 0.31% on the day and is set for weekly gain of around 0.50%.
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