DOLLAR INDEX FIRMS AHEAD OF US INFLATION DATA

Published on Sep 10, 2024 11:53

The US dollar climbed higher to a near one-week high on Tuesday morning in Asia as all eyes turn to a key US inflation data this week that could offer clues on the magnitude of an expected interest rate cut from the Federal Reserve later this month. The yield on the US 10-year Treasury note however held around 3.70%. Meanwhile, the August payrolls report released on Friday provided little clarity on the rates path, with the US economy adding fewer jobs than expected, while the unemployment rate edged lower and wage growth remained solid. Currently, the dollar index that measures the greenback against a basket of currencies is trading at 101.61, up 0.10% on the day. Among the basket currencies, EURUSD and GBPUSD are quoting at $1.10 and $1.30 respectively.