DOLLAR INDEX STRUGGLES BELOW 105 MARK; SET FOR WEEKLY LOSS OF OVER 1%

Published on Nov 17, 2023 14:16

The dollar index is seen struggling for direction and staying range bound below 105 mark following a sharp plunge on Tuesday after US inflation data. Slide in US benchmark treasury yields also dragged the greenback lower. Latest figures from US jobless claims that rose by more than expected 13,000 to a seasonally adjusted 231,000 for the week ended Nov. 11, showing a cooling labor market coupled with retreating inflation is seen decreasing bets of a rate hike. Meanwhile, US industrial production figures also came in weaker than expected. Currently, the dollar index that measures the greenback against a basket of currencies was quoting at 104.33, up marginally on the day. For the week, the index is set to loose over 1%. Among the basket currencies, EURUSD is quoting at $1.0855, down 0.13% on the day whereas GBPUSD is down around 0.2% following a less than expected retail sales data from the UK. The pair is trading at $1.2397.