Dollar Index Gains Further Ground; Fed Speakers In Focus

Published on Apr 02, 2024 11:17

The US dollar index futures are seen gaining further ground on Tuesday morning in Asia towards this year�s high of 104.85 registered in February. The dollar index that measures the greenback against a basket of currencies is quoting at 104.79, marginally up on the day. US ISM business activity report from March yesterday showed the highest growth since September 2022 leading benchmark treasury yields and dollar higher. US Manufacturing Purchasing Managers Index (PMI) hit 50.3 in March, surpassing projected figures of 48.4 and well exceeding February`s reading of 47.8, showing resilience in US economy that could deter the Fed from rushing into rate cuts. US 10-year benchmark treasury yields shot up to 4.3%. Labour market data this week will be keenly watched alongside Fed Powell and other Fed speakers for further cues on dollar direction.