DOLLAR INDEX HINGES AROUND 102 MARK; US PPI EYED

Published on Jan 12, 2024 11:58

The dollar index is steadying just above 102 mark on Friday, paring some of its sharp gains registered in the previous session on the back of higher than expected US inflation data that reduced possibility of Federal rate cut anytime soon. US Consumer Price Index (CPI) for December rose to 3.4% on year from the previous reading of 3.1% and 3.2% expectation. On a monthly basis, the headline CPI grew 0.3% versus 0.1% prior, above the consensus of 0.2%. The Core CPI, which excludes volatile food and energy prices, climbed 3.9% annually in December compared to the estimation of 3.8%. The dollar index that measures the greenback against a basket of currencies is quoting at 102, almost flat on the day. Among the basket currencies, EURUSD is down marginally at $1.1006 whereas GBPUSD is holding up 0.10% at $1.2781. Investors now await US PPI data due later in the global day for further cues.