The US Dollar Index (DXY) firmed near 100.80 on Thursday, a level it hadn’t seen since May 2025, after the Federal Reserve (Fed) left interest rates unchanged in the 3.50%-3.75% range in Kevin Warsh’s first policy meeting as Fed Chair on Wednesday.
MUFG’s Lee Hardman notes that the Fed’s latest policy update has lifted US rates and supported the Dollar, with the Dollar Index back above 100.00 and markets now pricing multiple Fed hikes.
The Swiss National Bank (SNB), as widely expected, announced to keep the policy rate unchanged at 0% at the conclusion of the second quarter meeting this Thursday.