DOLLAR INDEX STAYS FIRM AHEAD OF FOMC

Published on Nov 01, 2023 11:13

The dollar index turned higher on Wednesday ahead of Federal Reserve�s FOMC decision scheduled later in the global day. The dollar index that measures the greenback against a basket of currencies is quoting at 106.61, up 0.1% on the day and recovering from a low of 105.75 in the previous session. Escalating tensions in Middle East is also adding to safe haven appeal for greenback. Data on Tuesday showed consumer confidence index in US slipped to 102.6 in October from an upwardly revised 104.3 in September. MNI Indicators said its Chicago business barometer edged down to 44.0 in October from 44.1 in September, with a reading below 50 indicating a contraction. However, S&P/Case-Shiller Home Price came in at 2.2% on year vs the expected 1.6% and increased in relation to its last reading of 0.2%. Among the basket currencies, EURUSD as well as GBPUSD are quoting lower by around 0.1% at $1.0589 and $1.2139 respectively.