Dollar index Lingers Near Five-Month Low

Published on Dec 22, 2023 09:12

The dollar index is lingering near a five month low against a basket of currencies awaiting further clarity of Federal course of action for the next year. The dollar index that measures the greenback against a basket of currencies is trading at 101.50, marginally unchanged on the day amid weak set of data yesterday and cautiously awaiting US PCE data later in the day. Data on Thursday showed gross domestic product increased at a 4.9% annualized rate last quarter, revised down from the previously reported 5.2%. Meanwhile, initial Jobless Claims for the week ending December 16, published by the US Department of Labor, increased to 205K from the previous 202K, but came in lower than the 215K expected. Among basket currencies, EURUSD and GBPUSD are trading along the flat line at $1.1038 and $1.2691 respectively.