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Dollar Index Cautiously Hovers Around 104 Mark Ahead of Non-Farms

Published on Dec 06, 2023 11:25

The dollar index is seen steadying around 104 mark on Wednesday after breaking above the level in the previous session. The index, that measures the greenback against a basket of currencies rallied in the past two sessions to reach its best level in two weeks and is currently quoting at 103.86, down 0.13% on the day. After an optimistic batch of data from US overnight, investors are staying cautious ahead of US non-farm payrolls later this week. US JOLTS job openings slid to 8.73 million in October from 9.35 million in September, falling to the lowest level since March 2021 and reflecting a cooling job market. Meanwhile, the ISM said its services PMI crept up to 52.7 in November from 51.8 in October, with a reading above 50 indicating growth. Among the basket currencies EURUSD is quoting at a 3-week low of $1.0805 whereas GBPUSD is seen trading at $1.2613, up 0.23% on the day.

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