Currency Buzz: Dollar Index Eases Under 109 Mark

30 Aug 2022 , 01:29 PM

The US dollar index is giving up some of the massive gains hitting fresh two-decade peaks in the previous session after Federal Reserve chief Jerome Powell firmly committed to raising interest rates to tame inflation, even at the cost of a decline in economic growth. The dollar index that measures the greenback against a basket of currencies was trading at 108.54, after hitting a fresh high of 109.44 yesterday. The benchmark US 10-year Treasury yields too retreat to 3.10% following the two-day uptrend to refresh the monthly high. Meanwhile, EUR/USD pair that carries maximum weight in the dollar basket edged higher owing to weakness in the greenback and is currently quoting above parity at $1.0028.Powered by Commodity Insights