Dollar index below 103 mark

Published on Jul 03, 2023 11:46

The dollar index lost ground below 103 mark and continues to stay subdued below the level in early Asia on Monday. The index closed lower on Friday after US PCE data, a measure of inflation eased to 3.8 percent year-on-year in May, a significant drop from 4.3 percent a month earlier. However, core PCE inflation continues to remain high, adding to the case of interest rate hike. Benchmark US treasury yields also came off weekend lows and are currently seen at 3.8%, up half a percent. Meanwhile, the dollar index that measures the greenback against a basket of currencies is holding at 102.58, not far from 103 mark seen during previous two sessions. The counter now waits for minutes of FOMC, non-farm payrolls due this week.