US DOLLAR INDEX SEEN MILDLY PRESSURED NEAR 2 AND HALF MONTH HIGH

Published on Oct 18, 2024 13:17

The US dollar index is staying pressured near a two and half month high on Friday morning in Asia tracking strength in some of the basket currencies. Pound strengthened today amid sharp uptick in UK retail sales that rolled back expectations of a rate cut by BoE even as inflation this week came in below the central bank�s target rate. Moreover, Japanese yen is adding some strength against the dollar amid comments from Japanese authorities that fueled speculations about a possible government intervention. The greenback however continues to stay well supported above 103 mark on persistent safe haven demand amid rising Middle East tensions. Fall in euro after ECB cut rates yesterday also kept the index supported. Currently, the dollar index that measures the greenback against a basket of currencies is quoting at 103.50, down 0.15% on the day.