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U.S. Dollar Index Falls 0.1% on July 8 as Dovish Fed Minutes Outweigh Safe-Haven Demand

GateNews
Forex
USDJPY-0.03%
The U.S. Dollar Index (DXY) declined 0.1% to 100.99 on Wednesday (July 8), as dovish Federal Reserve minutes offset safe-haven flows from U.S.-Iran tensions. According to the Fed's June meeting minutes released Wednesday, policymakers expressed deep uncertainty about the path of interest rates, with most officials noting inflation may decline toward the 2% target in certain scenarios, but could remain elevated due to strong AI-related demand, Middle East conflicts, or tariff effects. In such cases, "almost all" officials indicated further policy tightening might be needed. Analyst Adam Crisafulli noted the minutes sounded "notably dovish" on policy outlook compared to market expectations, despite some hawkish language on current inflation. Other currencies gained: New Zealand dollar rose 0.4% after the Reserve Bank of New Zealand hiked rates as expected; Japanese yen weakened, with USD/JPY rising 0.4% to 162.62.
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