WASHINGTON – The (DXY) climbed to the pivotal 104.00 mark today, buoyed by a downgrade of China’s credit outlook and signals from the European Central Bank (ECB) that it may halt its rate hikes following a quicker-than-expected slowdown in inflation in Europe.
The strengthening of the dollar comes amid broader market movements where Asian equity markets have experienced significant losses, with major indices down over one percent and China’s indices dropping more than two percent.
This downturn is part of a global sell-off that has seen mixed responses in US futures and marginal gains in European stocks. Retail sales performance in the US also reflected a downturn, with the Redbook Index falling from previous levels of over six percent to three percent.
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