DOLLAR INDEX LEAPS TO ONE-YEAR HIGH

Published on Nov 14, 2024 11:43

The US dollar leaped to its highest level in over a year following latest US inflation data that rose 2.6% in October, up from 2.4% in September and in line with expectations. The core inflation rate also held steady at 3.3%. US benchmark Treasury bond yields continued to rise with the 10-year benchmark note yielding 4.453% whereas dollar index jumped well above 106 mark. Currently, the dollar index that measures the greenback against a basket of currencies is quoting at 106.61, up 0.21% on the day following a 0.5% ascend in the previous session. Meanwhile, Dallas Fed President Logan issued some cautiousness for December rate cut becoming an uncertainty. Focus now shifts to Fed Chair Jerome Powell`s speech, US Producer Price Index (PPI), retail sales and jobs data due this week. Among the basket currencies, EURUSD and GBPUSD are trading lower by around 0.2% at $1.0560 and $1.2686 respectively.