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Dollar Index Sees Tepid Moves Ahead Of US PCE Figures

28-Mar-24 12:04 Hrs IST

The dollar index is staying put just above 104 mark on Thursday morning in Asia awaiting further cues from crucial data ahead. Investors are cautiously awaiting the upcoming US PCE price index report, a key inflation gauge for the Federal Reserve, which could impact monetary policy outlook. Fed Governor Christopher Waller said on Wednesday that the central bank could hold off on cutting interest rates amid strong inflation data. Fed?s Christopher Waller said that there is no rush to cut the policy rate based on additional economic data over the past month that has reinforced this view. It is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2 percent he added. The dollar index that measures the greenback against a basket of currencies is quoting at 104.09, almost flat on the day and around a 3-week high. US benchmark treasury yields are also seen trading mildly higher at 4.21%. Among the basket currencies, EURUSD and GBPUSD are also staying along the flat line at $1.0857 and $1.2632 respectively.

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