Currency Buzz: Dollar Index Hovers Near 98 Mark Ahead Of Key US Inflation Data

10 Mar 2022 , 11:28 AM

The US dollar is seen oscillating near the 98 mark on Thursday, after declining sharply by nearly 1% in the previous session as risk appetite improved across the globe on hopes for a diplomatic solution to the war between Russia and Ukraine. The dollar index, that measures the greenback against basket of currencies was seen quoting at 98.14, having fallen to 97.85 overnight. Investors await release of the crucial US Consumer Price Index (CPI) numbers from the Bureau of Labor Statistics due later in the global day as the Fed prepares to raise its key interest rate from near zero to fight a historic surge in inflation. Meanwhile, oil recorded its biggest fall in nearly two years, after Organization of the Petroleum Exporting Countries and allies (OPEC+) member United Arab Emirates said it would support increasing output.

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