The U.S. Federal Reserve updated their inflation expectations for this year from 2.4% in March to 3.4% in their latest meeting that concluded on June 16. To tame inflation, the Fed plans to undertake two rate hikes before the end of 2023.
This news has boosted the DXY to its best level since mid-April. Gold’s price, which generally has an inverse correlation with the dollar, has dropped to a 6-week low.
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