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Dollar Index Hovers Around Three-Month High

Published on Sep 04, 2023 11:37

The dollar index stays flat on Monday morning during Asian trades but continued to hold near a three-month high. The dollar index that measures the greenback against a basket of currencies climbed to 104.26 on Friday on improved data from the US. The latest US jobs report showed the US unemployment rate unexpectedly rose to 3.8% in August, the highest since February 2022 and above market expectations of 3.5%. Meanwhile, the economy added 187,000 jobs last month, exceeding forecasts of 170,000. Revised data showed employment rose by 105,000 jobs in June and by 157,000 jobs in July. The ISM said its manufacturing PMI rose to 47.6 in August from 46.4 in July, although a reading below 50 still indicates a contraction. Currently, the index is quoting at 104.11, down marginally on the day. Among the basket currencies, EURUSD was trading marginally high at $1.0795 but lingering at a twelve-week low. GBPUSD was quoting at $1.2612.

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