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US Dollar Index Stays Defensive Ahead Of US Data; FOMC Minutes

Published on Jul 03, 2024 11:06

The US dollar lacks luster during Asian hours on Wednesday with investors eyeing further course of action by the Federal Reserve following this week�s leads on monthly jobs report and FOMC minutes. US benchmark treasury yields and dollar pulled back following dovish remarks by Fed chair Powell. Powell stated on Tuesday that the US is progressively slowing, but more data is needed before cutting rates to confirm that recent lower inflation readings accurately reflect the economy. "We just want to understand that the levels that we`re seeing are a true reading of underlying inflation," Powell said in a speech at a European Central Bank-sponsored central banking forum in Sintra, Portugal. Currently, dollar index futures are staying flat at 105.46 whereas 10-year yields are quoting at 4.4%. Meanwhile, JOLTS report showed US job openings rose to 8.140 million on the last day of May from April�s downwardly revised figure of 7.092 million. Investors now look forward to the release of the FOMC meeting minutes, due later today, for some meaningful impetus ahead of the closely-watched US monthly employment details, or the NFP report on Friday.

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