DOLLAR INDEX INCURS MILD LOSS BUT HOLDS NEAR 7-WEEK HIGH

Published on Oct 08, 2024 11:48

The US dollar incurred mild losses and slipped towards 102 mark on Tuesday morning but the greenback continues to hold at a seven week high against a basket of currencies. The dollar stayed close to its recent gains tracking strength in US Treasury yields, with the benchmark 10-year US bond yields rising above 4% for the first time since early August as markets downplay aggressive rate cut by Fed as earlier expected. After strong jobs report, investors now look ahead to the latest Fed meeting minutes on Wednesday and the consumer price index report on Thursday to guide the rates outlook further. However, safe haven demand for US dollar amid ongoing geo-political tensions is limiting losses in the counter. Currently, the dollar index that measures the greenback against a basket is currencies are quoting at 102.18, down 0.12% on the day. Among basket currencies, EURUSD and GBPUSD recovered by 0.1% at $1.10 and $1.30 respectively.