Dollar Index Holds Above 103 Mark

Published on Aug 16, 2023 11:56

The dollar index is sitting tight at around a six week high on Wednesday having risen past 103 mark at the start of the week. The greenback was boosted by US data that showed retail sales grew more than expected by 0.7% on month in July versus 0.4% expected and 0.3% reported in June. Core retail sales also grew 1.0% versus 0.4% market forecasts. The upbeat data supported case for a Federal rate hike and bolstered the dollar index. Meanwhile, Fed`s Kashkari said Tuesday that he is not ready to declare victory in the battle over high inflation. �Inflation is coming down. We have made progress and good progress. I feel good about that. It`s still too high,� Kashkari reportedly stated. Investors await FOMC minutes of the Fed`s last policy meeting due later today for more clues on the rate path. The dollar index is holding at 103.02, down 0.08% on the day. Among the basket currencies, EURUSD is quoting at $1.0931, up 0.08% on the day whereas GBPUSD is trading at $1.2716, up 0.06% on the day.