US Dollar Index Grows Slightly on Feb 9, but is Likely to Trend Lower in the Short Term

On February 9, the US dollar index fluctuated within a narrow range and was traded at around 103.45. The US dollar index edged higher on Wednesday, which changed little during the session, and investors stopped selling. The move came a day after Fed Chairman Powell made no apparent change to his interest rate outlook despite a strong US job market report last week. The US dollar may trend lower in the future as the US Fed draws to a close in its tightening monetary policy and markets price in rate cuts by the end of the year, analysts said.