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Dollar Index Buoyed To Fresh 10-Month Highs

Published on Sep 28, 2023 12:35

Dollar index climbs to fresh ten month high on Thursday buoyed by positive economic data from the US and recent comments from Fed officials that build expectations for further rate hikes if not holding higher rates for prolonged period. Commerce Department said US durable goods orders rebounded by 0.2 percent in August after plunging by a revised 5.6 percent in July. Meanwhile, oil prices scaled to a year high deepening worries about prospect of higher energy costs that could keep pressure on inflation and keep interest rates higher for long. US 10-year benchmark Treasury yields climbed up more than 50 basis points this month to hit a 16-year peak at 4.642%, dragging dollar index to hit fresh highs above 106 mark and is currently quoting at 106.46, up 0.09% on the day. Among the basket currencies, EURUSD slipped below $1.06 mark and GBPUSD was down 0.14% at $1.2126.

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