DOLLAR INDEX SURPASSES 104 MARK

Published on Oct 23, 2024 11:53

The US dollar index surpasses 104 mark on Wednesday tracking elevated US treasury yields amid easing expectations of an aggressive Federal rate cut as against earlier notion. Cautiousness ahead of US Presidential elections around the corner coupled with rising tensions in Middle East are keeping safe haven demand intact. Investors and traders look ahead to Fed speakers, US PMI�s and beige book for further cues this week. The US dollar index that measures the greenback against a basket of currencies was quoting at its highest level in over two and half months at 104.02, up 0.10% on the day whereas treasury yields are seen elevated above 4.2%. Among basket currencies, EURUSD and GBPUSD were trading at $1.08 and $1.29 respectively. Meanwhile, the Japanese yen dropped to a near 3-month low tracking gains in the dollar overseas.