THE dollar index was flat this week at 93.86 as gains were offset by the US Fed’s dimmer economic outlook.
The Fed kept rates steady at 1.00% -1.25% but reiterated concerns about the low inflation which had dampened expectations of another rate hike this year. As expected, the Fed had confirmed it would start shrinking its balance sheet “relatively soon”. On the data front, consumer confidence rose to a 16-year high of 121 in July from 117 in June. Meanwhile, Markit manufacturing and services PMIs expanded to 53.2 and 54.2 in July from 52.0 and 54.2 in June, respectively.
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