DOLLAR INDEX WEAKENS ON SIGNS OF COOLING US LABOUR MARKET

Published on May 10, 2024 11:26

The dollar index futures came under pressure and are trading at around 105.20 on Friday morning in Asia following a sharp slump in the previous session after US data showed higher than expected weekly jobless claims that could prompt the central bank to do away with higher interest rates. US Initial Jobless Claims for the week ended May 4 rose to 231K from the previous week of 209K, higher than the market consensus of 210K. Currently, the dollar index that measures the greenback against a basket of currencies is quoting at 105.18, 0.07% on the day. Investors await further cues from Fed speakers due to speak late in the global day to gain clarity on the path for interest rates. Among the basket currencies, EURUSD and GBPUSD are quoting marginally lower at $1.0791 and $1.2520 respectively.