DOLLAR INDEX EXTENDS LOSSES; NON-FARM DATA AWAITED

Published on Nov 03, 2023 12:09

The dollar index is seen extending losses on Friday amid growing expectations that Fed is done with its rate hike cycle. Falling treasury yields with the benchmark 10 year US yield at 4.6% is seen dragging down the dollar index that was quoting at 105.92. The US central bank held its policy rate steady on Wednesday, but left the door open to a further rate increase amid persistently high inflation and economic resilience. For the week, the index is set to fall by around half a percent. Going ahead, the greenback keenly awaits October non farms payroll data for further cues. Among the basket currencies, EURUSD is trading marginally higher at $1.06 while GBPUSD is almost steady at $1.22.