Dollar index is steadying above 105 mark on Thursday, awaiting further cues on Federal stance on interest rate that could give guidance on direction. Recent hawkish comments from Fed officials are keeping the greenback supported. Fed Bank of Boston President Susan Collins emphasized the necessity for the US economy to cool down to reach the central bank`s 2% inflation target. Currently the DXY futures, that measures the greenback against a basket of currencies is quoting at 105.45, marginally up on the day. The index is quoting at a one-week high and has been rising for four consecutive days. Among the basket currencies, EURUSD and GBPUSD are trading marginally lower at $1.0763 and $1.2494 respectively. GBPUSD pair eye BoE monetary policy decision due later in the global day. Powered by Capital Market - Live News

British Pound continued to fall today as a drop from three week high extended against US dollar. GBPUSD broke under 1.2500 mark and currently trades at 1.2479, down 0.25% on the day and nearing one week low. The US dollar index is holding around 105.50 mark, adding to latest gains. Meanwhile, traders are eyeing medium term economic cues for UK. The U.K. will be the worst performing G7 economy next year as high interest rates and restrictive fiscal policy hampers medium to long-term economic growth, the Organisation for Economic Cooperation and Development (OECD) has stated. In its annual assessment of the U.K. economy, the OECD cut its U.K. growth outlook for GDP to 0.4 percent this year and 1 percent in 2025. This is down from 0.7 percent and 1.2 percent respectively from its last prediction in March. Powered by Capital Market - Live News

Rupee closed higher at 83.5650 per Dollar on Wednesday (08 May 2024), versus its previous close of 83.5750 per Dollar.Powered by Capital Market - Live News

The dollar index is holding firm well above its recent lows amid renewed hawkish remarks from Fed officials. The dollar index futures are quoting higher by 0.14% at 105.45, off last week�s low below 105 mark. Minneapolis Fed President Neel Kashkari reportedly said on Tuesday that he can�t rule that the next move from the central bank will be a rate hike. He stated that inflation has been largely stalled for the first three months of the year at a rate, roughly 2.7% that policymakers regard as still too far above their target to declare the job finished. Investors await BoE monetary policy decision for the week for further cues on direction. Among the basket currencies, EURUSD and GBPUSD are quoting lower at $1.0759 and $1.2488 respectively. Powered by Capital Market - Live News

British Pound slipped today as a drop from three week high extended against US dollar. GBPUSD currently quotes at 1.2536, down 0.29% on the day. The US dollar index is holding around 105 mark and keeping some stress on the Pound in tune with Euro. Economic cues were firm for UK though, capping losses for the Pound. US stocks also rallied following solid gains on Wall Street. The FTSE 100 soared 1%, having earlier risen above 8,300 for the first time.Powered by Capital Market - Live News