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US dollar index slides below 100 mark; PCE report awaited for directional guidance As on : 25-Sep-24  10:40

The US dollar index weakened past 100 mark, hitting a fresh 14 month low after US Consumer Confidence unexpectedly plunged in September, falling below expectations to 98.7. US 10-year benchmark rate retreated from September highs, currently trading at 3.75%. Rising expectations of a Federal rate cut after the data is weighing down the greenback. Markets are now looking forward to additional economic data this week for further guidance, including the PCE reports, the Fed's preferred inflation gauge. The dollar was also pressured by a risk-on sentiment after China unveiled a comprehensive monetary stimulus package to boost growth. Currently, the index is holding at 99.97, down 0.19% on the day.

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