Currency Buzz: Dollar Index Firms Towards 104 Mark Ahead Of Payrolls Data

6 May 2022 , 12:23 PM

The American currency is seen firming on Friday, backed by higher Treasury yields, hovering above 3% mark. The dollar index, that measures the greenback against a basket of currencies continues to hold near 20-year highs and is up about half a percent this week. DXY is currently quoting at 103.76, after it hit 103.94 in the previous session for the first time in two decades. The Federal Reserve on Wednesday hiked the interest rate by a half percentage point pushing the benchmark above 0.75% continuing on its approach for policy tightening to tackle soaring inflation that has notched to 40-year highs. Investors now await the April jobs report due later today which could reinforce the case for aggressive monetary policy tightening. Powered by Commodity Insights