Dollar Index Holds Above 102 On Safe Haven Demand

Published on Aug 09, 2023 11:22

The dollar index witnesses a mild pullback in early Asia on Wednesday although the counter stays well supported above 102 mark. Cautious moves ahead of the US inflation data due this week that could provide clarity on Federal stance going forward is keeping momentum subdued. However, weak risk sentiments spurred demand for safe haven currency in the previous session. Moody`s cut the ratings of 10 U.S. banks by one notch and placed some banking giants on review for potential downgrades. The agency also changed its outlook to negative for several major lenders. Overall, it changed the assessments for 27 banks in the sector. The dollar index that measures the greenback against a basket of currencies was trading at 102.22, down 0.12% on the day. Among the basket currencies, EURUSD gained from dollar pullback and was seen trading at $1.099, up 0.15% on the day. GBPUSD was quoting at $1.2767, up 0.14% on the day.