US Dollar Index

MUFG’s Lee Hardman notes that the US Dollar (USD) has strengthened only modestly even as markets price in a Fed rate hike at this week’s FOMC meeting.

The Australian Dollar (AUD) resumed its downtrend against the US Dollar (USD) on Monday, weighed by the risk-off market mood, as Oil prices consolidate above $100, and rising bets that the Federal Reserve (Fed) will hike interest rates on Wednesday.

Commerzbank’s Thu Lan Nguyen notes that stronger-than-expected core US inflation has pushed market pricing toward a near-certain Federal Reserve rate hike this week and higher odds of another move by year-end.

OCBC strategist Christopher Wong notes that firmer United States (US) Consumer Price Index (CPI) and a near-90% chance of a September Fed hike have not translated into lasting Dollar strength, with US Dollar Index (DXY) stuck around 99.1.

The US Dollar (USD) starts the Federal Reserve’s (Fed) monetary policy week on a strong note, which is scheduled for Wednesday. In the European trading session, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.37% higher to near 99.46.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is gaining ground for the third consecutive day and trading around 99.30 during Asian hours on Monday.