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DOLLAR INDEX RECOVERS SOME LOST GROUND; US NFP REPORT AWAITED

Published on Oct 31, 2024 11:36

The dollar index is inching higher following a slide late yesterday after a mixed set of US data. The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, lost ground on Wednesday following the release of mixed economic data. September�s ADP Employment Change report exceeded market expectations in October, but a downward revision in third-quarter GDP growth made the USD tumble. US ADP Employment Change beat expectations with a 233K increase in October, which could limit the dollar losses. Meanwhile, US Q3 Gross Domestic Product grew at a 2.8% pace, stronger than global peers but below market expectations. Investors remain cautious ahead of Friday`s Nonfarm Payrolls (NFP) report, which may provide further clarity on labor market conditions. The dollar index that measures the greenback against a basket of currencies is quoting at 104.02, up 0.15% on the day after a slide below 104 mark in the previous session. Among basket currencies, EURUSD and GBPUSD are quoting lower by around 0.2% at $1.0871 and $1.2953 respectively.

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