DOLLAR INDEX REGAINS APPETITE ABOVE 102 MARK

Published on Oct 07, 2024 11:36

The US dollar regained appetite tracking a rally in US treasury yields after upbeat US monthly employment details released on Friday led investors to price out the possibility of another oversized interest rate cut by the Federal Reserve in its next meet. The benchmark US treasury yields are at 3.9% while dollar index climbed above 102 mark for the first time in one and a half months. Data on Friday showed that nonfarm payrolls rose by 254,000 in September, surpassing expectations of 140,000, while the unemployment rate fell to 4.1% from 4.2%. Moreover, safe haven demand amid escalating political tensions in the Middle East is also keeping the greenback supported. The dollar index that measures the greenback against a basket of currencies was quoting at 102.30, up marginally on the day. Among its basket currencies, both EURUSD and GBPUSD are staying subdued at $1.10 and $1.31 respectively.