The dollar index spiked to a one-week high and regained strength to a yearly high in the previous session tracking higher yields amid rising geo-political tensions between Russia and Ukraine. Uptrend in the counter stays intact, supported by the economy’s resilience and limited expectations of aggressive Fed easing. Last week, Powell downplayed the need for aggressive easing, emphasizing the economy’s strength. He suggested slowing the pace of rate cuts to increase chances of achieving the right balance. The dollar index that measures the greenback against a basket of currencies is quoting at 106.55, off yesterdays sharp spike and marginally lower on the day. Investors look forward to US data this week including US Initial Jobless Claims, S&P Global Flash PMIs, and the University of Michigan (UoM) final reading of Consumer Sentiment for November. Among basket currencies, EURUSD and GBPUSD are staying mildly positive at $1.0557 and $1.2650 respectively.
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