DOLLAR INDEX SLIDES TO TWO MONTH LOW

Published on Jul 11, 2023 11:30

The dollar index slipped to a two month low on Tuesday awaiting further clarity on Federal rate decision. The upcoming US inflation data this week is expected to provide further clarity. The dollar index that measures the greenback against a basket of currencies hit a two month low of 101.40 and is currently quoting at 101.43, down 0.2% on the day. US benchmark 10 year treasury yields also pulled back from recent highs and is currently lingering around 3.9%. US nonfarm payrolls increased by 209,000 jobs last month, the Labor Department said in its employment report on July 7. The data for May was revised lower to show payrolls rising 306,000 instead of 339,000 as previously reported. However, deteriorating recovery signs in China weighing down sentiment is keeping the dollar index supported from breaking 101 mark. However, a softer inflation reading this week from the US could see breaching of that level as well.