Currency Buzz: Dollar Index Lingers Below 105 Mark

11 Aug 2022 , 01:42 PM

The US dollar index plunged to a one-month low overnight to as much as 104.51 in line with treasury yields that slid below 2.7% after US inflation grew at a slower pace than expected in July, easing pressure on the Federal Reserve to go aggressive on interest rate hike. The dollar tumbled after the Labor Department reported that the Consumer Price Index rose by 8.5% during the year to July versus a 9.1% annual expansion in June that marked its most in 41 years. The dollar index that measures the greenback against a basket of currencies is currently off previous day sharp decline but is still down 0.15% at 104.93. Powered by Commodity Insights