DOLLAR INDEX AT TWO-WEEK HIGH; US DATA IN FOCUS

Published on Sep 03, 2024 14:58

The US dollar index is advancing to a two-week high on Tuesday tracking higher yields as investors braced for key US jobs data this week that could influence the magnitude of an expected Federal Reserve interest rate cut this month. US benchmark treasury yields were higher at 3.9% and dollar index gained towards 102 mark. Currently, the dollar index which measures the greenback against a basket of currencies is quoting at 101.75, up 0.12% on the day and extending last week�s over 1% gain. The Institute for Supply Management�s (ISM) US Manufacturing Purchasing Managers Index (PMI) to be published later today will also be watched. Among the basket currencies, EURUSD and GBPUSD are quoting slightly lower at $1.10 and $1.31 respectively.