The U.S. Dollar Index (DXY) fell below 102 on Tuesday, with Investing.com recording a daily low of 101.51, ahead of the Federal Reserve’s next policy meeting.
FXStreet put the index near 101.80 during European trading. In a later report, the outlet said DXY dipped to just above 101.50 before recovering toward 101.70 by 11:25 a.m. ET (15:25 UTC). The daily low in Investing.com’s data has no specified time.
FXStreet reported that the index reached its lowest level since Oct. 1. The outlet also said the euro rose as energy prices fell.
DXY measures the dollar against six currencies using spot exchange rates, according to its administrator, ICE Data Indices. The euro has the largest fixed weight at 57.6%, giving its movements substantial influence on the index. ICE says the index’s currency composition last changed in January 1999.
FXStreet’s earlier chart analysis drew the bottom of a rising price channel at about 101.70, while its headline gave about 101.50 for that level. The analysis listed the nine-day exponential moving average at 101.98 and the 50-day exponential moving average at 100.94.
EconoTimes previously reported the index below 102 ahead of the Fed meeting. The Bureau of Labor Statistics said consumer prices rose 0.6% from August to September and 3.7% from a year earlier. Gasoline prices climbed 9.1%, contributing more than half of the monthly increase.
On Sept. 16, the Federal Open Market Committee (FOMC) raised its target interest rate range by 0.25 percentage point to 3.75%–4% and said inflation remained elevated. Its next scheduled meeting is Oct. 27–28.
