Fed's Bullard: 50 basis points rate cut in July would be overdone

In an interview with Bloomberg, St. Louis Fed President Bullard argued that a 50 basis points rate cut in July would be "overdone."

Bullard further added that the inflation below target was surprising given the fast rate of growth and said that it would be a good time for an "insurance rate cut."

With the initial reaction to Bullard's comments, the US Dollar Index, which tracks the greenback's value against a basket of six major rivals, rebounded to 96.18, where it was up 0.18% on a daily basis.