Dollar Index Strengthens Grip Over 104 Mark; FOMC In Focus

Published on Feb 20, 2024 10:32

The dollar index witnessed a mild rebound in early Asia on Tuesday after having come-off recent peaks during the last week, although the index managed well to hold on to 104 mark. The dollar index that measures the greenback against a basket of currencies rose to around 104.30 on Tuesday, recouping some losses from recent sessions as investors continued to assess the outlook for Federal Reserve monetary policy. Last week data showed higher than expected US consumer price and producer prices that pushed back expectations of an early Federal rate cut. This week`s focus will be on the Federal Open Market Committee (FOMC) minutes. Among the basket currencies, EURUS and GBPUSD retreated to $1.0781 and $1.2589 respectively.