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Dollar Index Stays Firm At One-Week High

Published on May 09, 2024 11:10

Dollar index is steadying above 105 mark on Thursday, awaiting further cues on Federal stance on interest rate that could give guidance on direction. Recent hawkish comments from Fed officials are keeping the greenback supported. Fed Bank of Boston President Susan Collins emphasized the necessity for the US economy to cool down to reach the central bank`s 2% inflation target. Currently the DXY futures, that measures the greenback against a basket of currencies is quoting at 105.45, marginally up on the day. The index is quoting at a one-week high and has been rising for four consecutive days. Among the basket currencies, EURUSD and GBPUSD are trading marginally lower at $1.0763 and $1.2494 respectively. GBPUSD pair eye BoE monetary policy decision due later in the global day.

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