DXY FUTURES HOVERING ABOVE 105 MARK; SET FOR WEEKLY GAIN OF OVER 1%

Published on Apr 12, 2024 12:03

The US dollar index futures are hovering above 105 mark on Friday morning in Asia as recent data is reducing a near term possibility of a Federal rate cut. Data showed that US consumer prices accelerated for a second straight month in March, defying expectations for a slowdown in price increases. Meanwhile, data on Thursday showed that US producer prices rose less than expected last month. The greenback was also dragged higher by rising US benchmark treasury yields around 4.5%. Currently, DXY futures are quoting at 105.21, up 0.13% on the day. For the week, the DXY futures are set to gain over 1%. Among the basket currencies, EURUSD and GBPUSD are quoting lower by around 0.1% at $1.0736 and $1.2543 respectively.