DOLLAR INDEX HOLDS ABOVE 104 MARK IN RESTRICTED MOVES; US PCE DATA AWAITED

Published on Jul 24, 2024 11:34

The US dollar index is steadying after an advance to a two week high on Wednesday as investors await US economic data that could provide further clarity on Federal interest rate stance. Investors look forward to the latest US manufacturing and services activity data to assess the health of the economy. Besides, an advance reading of second-quarter GDP and the PCE price index report for June will also be released later this week. The report on personal income and spending in June, which includes readings on inflation said to be preferred by the Federal Reserve. The data could have a significant impact on the outlook for interest rates. US treasuries moved higher after trending lower over the past few sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped marginally to 4.25 percent. US dollar index is quoting at 104.17, marginally lower on the day.