DOLLAR INDEX STAYS MUTED AMID LACK OF CUES

Published on Nov 09, 2023 11:31

The dollar index stays muted on Thursday as Fed Chair Jerome Powell did not make any comments on interest rates or the economy during his appearance at a conference celebrating the Fed`s Centennial of the Division of Research and Statistics. With recent hawkish comments from Fed officials, the greenback is keenly awaiting some clarity from the Fed chair later today. The dollar index that measures the greenback against a basket of currencies is quoting at 105.39, marginally lower on the day. Among basket currencies, EURUSD is up 0.05% at $1.0724 following hawkish remarks from European policymakers. The European Central Bank needs to see further progress in dampening inflationary pressures, and companies along with governments need to chip in to prevent more policy tightening, ECB policymakers said on Wednesday. Meanwhile, GBPUSD is staying flat at $1.2286.