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Dollar Index steadies around 3-month high; US data awaited As on : 29-Oct-24  11:09

The dollar index is steadying around three month high although the momentum in the recent rally has paused slightly. Investors turned cautious ahead of job opening and labor turnover data, advance estimate for GDP growth, PCE inflation and nonfarm payrolls that could shed light on the path for Federal Reserve policy. The recent rally in the dollar index was on account of easing expectations of a Federal rate cut as aggressive as earlier expected. Besides, results of US Presidential elections are also keenly awaited. The dollar index that measures the greenback against a basket of currencies is quoting at 104.17, marginally down on the day. Among basket currencies, EURUSD and GBPUSD are quoting at $1.08 and $1.29 respectively.

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