The US dollar stabilizes and rebounds, supported by the Federal Reserve's pause and airstrikes on Iran.

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智通财经2026/07/31 00:06

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During the Asian trading session on Thursday, the US Dollar Index rose slightly by 0.15% to 100.97, rebounding after briefly touching 100.74, its lowest point since July 20. The Federal Reserve kept interest rates unchanged with a 9-3 vote, but significant internal divisions were evident. In addition, the US launched a new round of airstrikes against Iran. Geopolitical risks and policy uncertainty jointly supported the strengthening of the US dollar.
IG analysts pointed out that although three members favored raising interest rates, Chair Walsh did not clearly signal an imminent tightening of policy, causing investors to feel uneasy about the Federal Reserve's ability to anchor long-term inflation expectations. The US Treasury market reacted sharply, with the 30-year yield climbing to a near two-decade high.
Regarding rate expectations, federal funds futures indicate a 34.9% probability that rates will remain unchanged in September, up from 24% before the decision. Standard Chartered Bank analysts worry that the market may react negatively due to the "Federal Reserve's lack of action" and expressed concern over Walsh's vague communication style.
HSBC Holdings, on the other hand, believes that the decline in the US dollar is only temporary and expects that, supported by expectations of future policy tightening by the Federal Reserve and the resilience of the US economy, the US dollar will rebound from its pullback.

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