Dollar Index Stays Pressured Below 105 Mark

Published on Nov 06, 2023 12:40

The dollar index extended stay near lower levels after having dropped to around one and half month low on Friday on the back of softer than expected US jobs data. The greenback lost momentum and fell over 1% on Friday as employment was up by 150,000 jobs in October after jumping by a downwardly revised 297,000 jobs in September and less than expected 180,000 jobs. Meanwhile, sharp slide in US treasury yields to a one-month low of 4.48% also dragged the greenback lower. The dollar index, that measures the greenback against a basket of currencies dropped below 105 mark and is currently holding at around 104.86. Among the basket currencies, EURUSD and GBPUSD is staying near the flat line at $1.0755 and $1.2391 respectively awaiting further clarity in direction from the dollar overseas.