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Dollar Index Holding Cautiously Above 103 Mark Ahead Of US GDP and PCE Data

Published on Jan 25, 2024 11:58

The US dollar index is holding steady, after having rebounded above 103 mark on Thursday after data showed that US business activity grew more than expected in January. The flash US Manufacturing PMI rebounded from 47.9 to a 15-month high of 50.3 in January, while the gauge for the services sector climbed to 52.9, or the highest reading since last June. The US dollar index reclaimed back 103 mark and is likely to stay above the level awaiting US GDP report that will be released on Thursday and the Fed-preferred PCE inflation data on Friday this week. US benchmark treasury yields are also staying well above 4.16%. Among the basket currencies, EURUSD and GBPUSD both came under pressure amid mild pullback in greenback and are currently quoting at $1.0902 and $1.2715 respectively.

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