Dollar Index Losing Traction Below 104 Mark Ahead Of US PCE Data

Published on Feb 29, 2024 11:07

The dollar index is losing traction on Thursday ahead of the US Core Personal Consumption Expenditures Index (Core PCE) for January, due later in the global day. The inflation gauge report is likely to provide some clarity on Federal future course of action. The dollar index that measures the greenback against a basket of currencies was quoting at $103.83, down 0.07% on the day. US data yesterday showed the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2023, raising optimism the Fed can cut rates sooner. US GDP for the final quarter of 2023 was reported at 3.2% on year, slightly below the preliminary estimate of 3.3%. Among the basket currencies, EURUSD and GBPUSD were trading at 1.0841 and $1.2667 respectively.