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Dollar Index recovers some lost ground; US NFP report awaited As on : 31-Oct-24  11:36

The dollar index is inching higher following a slide late yesterday after a mixed set of US data. The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, lost ground on Wednesday following the release of mixed economic data. September's ADP Employment Change report exceeded market expectations in October, but a downward revision in third-quarter GDP growth made the USD tumble. US ADP Employment Change beat expectations with a 233K increase in October, which could limit the dollar losses. Meanwhile, US Q3 Gross Domestic Product grew at a 2.8% pace, stronger than global peers but below market expectations. Investors remain cautious ahead of Friday's Nonfarm Payrolls (NFP) report, which may provide further clarity on labor market conditions. The dollar index that measures the greenback against a basket of currencies is quoting at 104.02, up 0.15% on the day after a slide below 104 mark in the previous session. Among basket currencies, EURUSD and GBPUSD are quoting lower by around 0.2% at $1.0871 and $1.2953 respectively.

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