DOLLAR INDEX LINGERS ALONG FLAT LINE AWAITING POWELL TESTIMONY

Published on Mar 06, 2024 10:57

The dollar index is lingering along the flat line on Wednesday in Asia awaiting cues from Powell�s testimony before Congress later in the global day amid growing expectation of a Federal rate cut. The dollar index that measures the greenback against a basket of currencies was quoting at 103.75, unchanged on the day. The greenback eased following data yesterday that showed US S&P Global Services PMI experienced a slight decrease to 52.3, falling from January`s 52.5, while the Composite PMI, which includes both manufacturing and service sectors, registered at 53.8. The ISM Services PMI reported a decline to 52.6 from 53.4, coming in below the anticipated consensus of 53. Factory Orders in January fell more than expected, from 0.2% to -3.6% on monthly basis. Among the basket currencies, EURUSD and GBPUSD were both staying flat at $1.0858 and $1.2704 respectively.