US DOLLAR INDEX PULLS BACK TO MID 105 MARK AMID DISAPPOINTING PMI DATA

Published on Apr 24, 2024 11:19

The dollar index steadies around flat line on Wednesday after the DXY futures pulled back considerably in the previous session. Disappointing US PMI data weighed on the greenback. US business growth slowed and signaled only a slight expansion in April as both manufacturing and services activities eased. However, hawkish tone from Fed and US benchmark treasury yields clinging to 4.06% officials is keeping the dollar supported. Currently, the dollar index futures are quoting at 105.54, marginally higher on the day. Investors now look ahead to US GDP data on Thursday and the Fed-preferred PCE price index report on Friday to better guide the monetary policy outlook.