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Dollar Index Stays Cautious Ahead Of US Jobs Data; FOMC Minutes

Published on Jul 02, 2024 15:18

The dollar index is staying cautious although well above the 105 mark on Tuesday supported by strong US treasury yields which rose past 4.45% at the start of the second quarter, its highest in three weeks, as markets continued to assess potential fiscal risks in the US economy and the outlook for the Federal Reserve�s monetary policy. The dollar index is steadying around 105.69 on Tuesday after tumbling to as low as 105.43 in the previous session, finding support from strong Treasury yields. Investors look ahead to the release of the Labor Department`s closely watched monthly jobs report on Friday. Moreover, traders will monitor several other key indicators due this week to assess the economic performance and the monetary policy outlook, including the JOLTS, and the ISM PMI, together with FOMC minutes. Meanwhile, ISM said US manufacturing PMI edged down to 48.5 in June from 48.7 in May, with a reading below 50 indicating contraction.

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