DOLLAR INDEX PAUSES RALLY AHEAD OF POWELL SPEECH

Published on Nov 08, 2023 11:32

The dollar index is steadying after marching forward in the precious session and reclaiming back 105 levels. The greenback rally yesterday was on the back of comments from Minneapolis Fed President Neel Kashkari said that it�s too soon to declare victory over inflation, indicating he is still leaning toward raising interest rates again to bring inflation down to the central bank`s 2% target. Currently, the dollar index that measures the greenback against a basket of currencies is quoting at 105.50, up 0.12% on the day. Investors now await Federal Reserve Chair Jerome Powell�s speech later today for clues on the central bank�s future policy plans. Among the basket currencies, EURUSD as well as GBPUSD are staying shallow at $1.0703 and $1.2279 respectively.