DOLLAR INDEX TAKES A BREATHER AT 4-MONTH HIGH; FED DECISION ON TAP

Published on Nov 07, 2024 11:18

The US dollar index is pausing its rally in early Asia on Thursday following a hastened pace of ascend in the previous session to its highest level in over 4 months after President Trump was declared the winner in the presidential election versus Vice President Kamala Harris. US benchmark treasury yields spiked over 13 bps to 4.42% whereas dollar index climbed nearly 2% above 105 mark following Republican Donald Trump�s decisive victory in the US presidential election. The Fed`s monetary policy announcement is likely to be in the spotlight on Thursday, alongside reports on weekly jobless claims and third quarter labor productivity and costs. The dollar index that measures the greenback against a basket of currencies was quoting at 104.88, down 0.1% on the day and after having climbed briefly above 105 mark in the previous session. Among the basket currencies, EURUSD and GBPUSD were at $1.07 and $1.29 respectively.