Dollar Index Eyes Next Crucial 101 Mark; Federal Rate Decision Looms

Published on Jul 24, 2023 10:53

The dollar index is seen eyeing the next crucial 101 mark on Monday, snapping a two week losing streak and off its recent 15-month lows. The index that measures the greenback against a basket of currencies is trading at 100.81, but facing stiff resistance to freely break above the next crucial levels amid mild correction at every fresh intraday highs attained. Besides, firmness in US benchmark 10 year treasury yields awaiting clarity ahead of FOMC meeting this week are also dragging the greenback higher. Among the basket currencies, EURUSD is quoting mildly lower at $1.1154 whereas GBPUSD is up 0.08% at $1.2872. Meanwhile, on the NSE, USDINR futures are in the negative territory, lingering just under 82 mark. Federal interest rate decision due this week is acting as a headwind for the pair keeping it steady near the red line.