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The US Dollar (USD) holds its Monday’s corrective move, which was driven by a significant retracement in the oil price that eased de-anchored consumer inflation concerns. As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades marginally higher near 99.90. The USD Index corrected sharply from its over nine-month high of 100.54 posted on Friday as the oil price tumbled after Iran allowed many countries to ship their oil and Liquefied Petroleum Gas (LPG) tankers from the Strait of Hormuz, potentially easing energy supply concerns. The Greenback has registered a strong rally in the past few weeks as Iran conflicts with the United States (US) and Israel increased its safe-haven appeal. Also, higher oil prices weakened speculation of near-term interest rate cuts by the Federal Reserve (Fed). According to the CME FedWatch tool, traders are confident that the Fed will not cut interest rates before the September policy meeting. Also, the odds of an interest rate cut in the September meeting are almost 50%. For more cues on the monetary policy outlook, investors will focus on the Fed’s policy meeting on Wednesday. In the meeting, investors will also focus on the FOMC Economic Projections report, which will show forecasts regarding interest rates, inflation, and economic growth. US Dollar FAQs The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound…

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Filed under: News - @ March 17, 2026 3:28 am