Dollar Index Lingers Near 3-Week Low; US Inflation In Focus

Published on Jul 08, 2024 12:33

The dollar index is lingering at its lowest level in three-weeks on Monday morning in Asia alongside falling US benchmark treasury yields amid soft US data that could prompt a Federal rate cut. On Friday, data showed that the US unemployment rate rose to a 2-�-year high of 4.1% in June, adding to signs of a cooling labor market. The dollar index futures are holding below 105 mark while US treasury yields are quoting around 4.3%. Investors now look ahead to key US inflation data this week, as well as fresh commentary from Fed officials to guide the rates outlook further. Among basket currencies, EURUSD and GBPUSD are quoting lower by around 0.10% at $1.0861 and $1.2812 respectively.