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Dollar Index Extends Bearish Momentum Ahead Of Crucial US Data

Published on May 28, 2024 12:23

The US dollar extended bearish momentum to a one-week low on Tuesday as the greenback waits for the US PCE price index report due later this week for clues on the path for Federal Reserve monetary policy. The dollar index fell below 104.5 on Tuesday, sliding for the third straight session. Currently, the counter is quoting at 104.39, down 0.24% on the day. Fed officials including Mester, Bowman, Kashkari, Cook and Daly are slated to speak during the week. However, ongoing political tensions in the Middle East are likely to keep demand for the safe haven currency supported. Markets also await German and Eurozone inflation figures this week that could cement expectations for an ECB rate cut next week. Among basket currencies, EURUSD and GBPUSD are quoting higher by 0.2% at $1.0885 and $1.2775 respectively.

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