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Dollar index holds above 102.00 as traders weigh Fed outlook

Minutes from the September 15-16 FOMC meeting showed a unanimous decision to raise the federal funds target range, while FedWatch pricing implies about an 80% chance of another December increase.

Reported · Written up by our desk · Major Pairs

The US Dollar Index, which tracks the greenback against a basket of currencies, slipped during the Asian session on Thursday and extended a modest pullback from near its highest level since April 2025, but it remained above 102.00, according to FXStreet.

FXStreet cited minutes from the September 15-16 FOMC meeting published Wednesday, showing the committee voted unanimously to raise the federal funds rate target range and that most officials expect another rate increase may be appropriate by year-end to address persistent inflation.

The outlet also pointed to CME Group’s FedWatch Tool, saying traders are still pricing roughly an 80% chance that the Federal Reserve will raise borrowing costs in December, while worries about stubborn inflation have helped keep US bond yields elevated near multi-year highs.

Latest closeDollar index 102.19 ▲0.3%

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