Soybean futures inch up as dollar tumbles to seven-month trough

Soybean futures tilted higher as the dollar index skidded to the lowest since November 9, following earlier data from the US, the world's largest soybean producer and exporter, and after the Federal Reserve increased interest rates today as expected. 

As of 06:41 GMT, soybean futures due on July 15 rose 0.03% to $0.93875 from the opening of $0.93825, while the dollar index slid 0.47% to 96.52 from the opening of 96.98. 

Earlier data from the world's largest economy showed consumer prices down 0.1% in May, as retail sales also declined 0.3% unexpectedly last month, while analysts predicted a 0.1% rise.  

The Federal Open Market Committee voted today to increase interest rates by 25 basis points to between one percent and 1.25%, in a move that was widely expected and price in by the markets. 

Now investors follow Fed Governor Janet Yellen's post meeting speech to look for any clues about any changes to the previous projections of three rate hikes this year, with two already done so far. 

However, analysts are doubting a third rate hike this year after a spate of weak US data, which might forced the Fed to delay its policy tightening and its attempt to cut its balance sheet of $4.5 trillion.