US Dollar Index Hovers Around Three Week High, Ends July With 1% Loss

Published on Aug 01, 2023 12:46

The US dollar index is holding near its three week high amid continued array of positive US economic releases ahead of a data deluge in the form of global PMI releases and the US nonfarm payrolls this week. The dollar index is currently hovering at 101.77, up 0.14% on the day after a brief decline to 101.30 mark in last session. The Chicago-area business activity contracted at a slightly slower rate in the month of July, according to a report released by MNI Indicators on Monday. MNI Indicators said its Chicago business barometer inched up to 42.8 in July from 41.5 in June, although a reading below 50 still indicates a contraction. The uptick by the Chicago business barometer partly reflected increases by the new orders and production indices. While this data helped the dollar cap its losses, the overall range has been tiny this week. On a broad note, despite of the resurrection in the dollar index from a near 15 month low, the index still ended the month of July with a loss of around 1%.