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Dollar Index Briefly Breaches 107 Mark On Higher JOLTs Data

Published on Oct 04, 2023 11:38

The dollar index pulled back slightly in during Asian session on Wednesday after briefly touching the next crucial 107 mark following US Jobs data that surprised to the upside. JOLTS job openings increased by nearly 700,000 to 9.6 million which is a sizeable uptick from the previous print of 8.9 million and was comfortably above estimates at 8.8 million. The dollar index hit above 107 mark for the first time this year and is currently quoting at 106.80, up marginally on the day. Improving health of US economy and surging benchmark treasury yields on expectations that Federal Reserve will hold on to higher rates for prolonged period is keeping the dollar index perched around 10 month highs. Upcoming ADP report, final readings of the Services PMI, Factory Orders and ISM Services PMI is awaited for further cues. Among the basket currencies, EURUSD is sinking at around $1.0502 amid strong dollar overseas. Investors look for Eurozone Producer Price Index (PPI) and Retail Sales and ECB President Lagarde`s speech on Wednesday. GBPUSD, in the meantime continues to linger around six month lows of $1.2082, down 0.07% on the day.

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