Dollar Index Under 104 Mark As US Yields Turn Lower

Published on Aug 29, 2023 12:40

The US dollar index is in red, extending the slide under 104 mark after testing a three month high in last week. The index currently quotes at 103.98, down marginally on the day. Risk appetite is picking up and equities stay well supported this week, pulling the dollar index lower. The US non-farm payrolls data due out on coming Friday is likely to be the next major data driver for the currency markets and overall movement could be choppy till then. The latest slide in the DXY is taking place alongside softening US treasury yields as 10 year benchmark yields have dipped to a two week low under 4.20% mark. Meanwhile, the economic calendar today will see the US Job Openings and Labor Turnover Survey (JOLTS) and the US S&P/Case-Shiller home price index.