DOLLAR INDEX HOVERS AT SIX-MONTH HIGH; GLOBAL GROWTH CONCERNS DRIVE DEMAND FOR SAFE HAVEN

Published on Sep 06, 2023 11:25

The dollar index renewed broad gains to a six month high as global growth concerns led investors to flock to safe haven currency for respite. Rising 10-year benchmark US treasury yields, currently at around 4.3% also backed dollar gains. The dollar index that measures the greenback against a basket of currencies was seen edging closer to its next crucial 105 mark but pulled back slightly in early Asia today and is currently quoting at 104.63. Among the basket currencies, EURUSD was quoting at $1.0742, up 0.13% on the day. The pair eyes US services PMI and Euro zone retail sales data due later today. Meanwhile, GBPUSD also edged up marginally at $1.2579, reflecting a mild pull back in dollar overseas.