DOLLAR INDEX FUTURES GAINING MOMENTUM AHEAD OF FED DECISION

Published on Apr 30, 2024 12:07

The dollar index futures are gaining momentum on Tuesday morning in Asia as focus shifts to upcoming FOMC for further clarity on interest rates. All eyes are now on Fed, which is scheduled to announce its monetary policy on Wednesday. Powell�s accompanying statement is awaited for further cues on rate outlook alongside non-farm data this week. Sticky levels of inflation accompanied by elevated US treasury yields at around 4.6% reduce near term possibility of a rate cut. Currently, DXY futures are quoting at 105.81, up 0.34% on the day. Among the basket currencies, EURUSD and GBPUSD are quoting lower by around 0.30% at 1.0713 and $1.2531 respectively.