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Dollar Index Futures Near 3-Week Low; Monthly Jobs Report Awaited

Published on May 03, 2024 11:49

The dollar index is lingering around a near 3-week low on Friday as Fed�s Powell ruled out any possibility of a rate hike in it FOMC meeting. The Federal officials however stay concerned about sticky inflation levels in the US and refrain from cutting policy rates too soon. Investors now shift focus to April non-farm payrolls data later in the global day for further cues on Federal stance on interest rates. Currently, dollar index futures are quoting marginally down on the day at 105.14, tracking falling treasury yields with benchmark 10-year yields quoting at 4.5%. Easing geo political tensions in the Middle East are also reducing safe haven demand for the greenback that is seen willing to break below 105 mark. Among the basket currencies, EURUSD and GBPUSD are staying almost steady at $1.0753 and $1.2551 respectively.

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