Economy
Add as a preferred source on GoogleThe euro accounts for 57.6% of the U.S. Dollar Index’s six-currency basket, according to ICE Futures U.S.
Three currencies advanced against the U.S. dollar, while the U.S. Dollar Index, which tracks it against a six-currency basket, fell to 102.18 in the reported reading.
ICE Futures U.S. says the dollar gauge compares the U.S. currency with six others, as outlined in EconoTimes’ earlier coverage of the index. The euro accounts for 57.6% of its composition, the biggest share. Other components are the yen, pound, Canadian dollar, Swedish krona and Swiss franc.
FXStreet reported 1.1150 as the next downside area; UOB saw 1.1135 as a possible one-to-three-week test if the pair stayed below 1.1220.
The bank said AI still supports the dollar overall, while pointing to Bank of Japan tightening and possible domestic investment by Japanese investors as support for the yen.
The Fed statement is scheduled for 2 p.m. EDT Wednesday, followed by the ECB’s decision at 9:15 a.m. EDT Thursday.
