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Dollar Index Stays Supported Above 105 Mark

Published on Jun 14, 2024 13:17

The dollar index is seen hovering around 105 mark on Friday as Fed�s FOMC indicated higher interest rates for a longer than expected period of time. Fed�s dot plot revealed only one rate cut for the year. This is despite cooling inflation as shown by this week�s US CPI as well as PPI data. Moreover, political uncertainty in Euro zone weighing on the euro and Japanese yen weakening to six week low after BoJ policy is seen supporting the greenback. The dollar index futures are currently seen quoting at 105.09, up 0.27% on the day and set for a marginal weekly gain. Against the basket currencies, EURUSD and GBPUSD are quoting lower by around 0.25% at $1.0761 and $1.2736. Meanwhile, yen weakened past 158 per dollar.

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