US Dollar Index is at 93.20 Levels

US Dollar Index is at 93.20 Levels

-DXY found support in 93.20 / 15 band after FOMC. -Fed did not change the FFTR at his meeting on Wednesday. When the US dollar was tracked by the US Dollar Index (DXY), it managed to make good gains in the 93.60 zone on Thursday, recovering the ground lost after the bottom in the 93.20 / 15 band. Following the recent decline in the 93.20 / 15 band in May 2018, the index seems to have calmed down a bit. As market participants continue to digest FOMC activity and shift their focus to upcoming key data releases, the level travels around the mid 93.00s. In addition, the Federal Reserve did not change the Fed Funds Target Range (FFTR) as expected on Wednesday. The committee has recently recovered as part of economic activity, although these levels are still well below pre-coronavirus levels. The Fed also reiterated its commitment to using “all its tools” to support the economy. The Fed decided to extend lending opportunities until December 31, aimed at reducing the outbreak's impact on the economy.