Currency Buzz: Dollar Index Struggles To Hold Near 106 Mark

17 Nov 2022 , 02:40 PM

The US dollar is staying close to the flat line on Thursday, alternating between positive and negative near 106 mark awaiting further data to provide clues on Fed action going forward. The greenback gained strength overnight supported by stronger-than-expected U.S. retail sales data. US Retail Sales growth rose by 1.3% on month in October versus 1.0% expected and 0.0% prior. Dollar firmed up, tracking benchmark US 10-year Treasury yields that rose 1.2 basis points (bps) to 3.70%. Further, the global currency was supported yesterday on comments from San Francisco Federal Reserve Bank President Mary Daly that pausing the hiking cycle is off the table, and the U.S. central banks policy rate could end up in the 4.75%-5.25% range, up from the current range of 3.75%-4%. The dollar index that measures the greenback against a basket of currencies was at 106.14, down 0.1% on the day, but holding above the three-month low of 105.16 earlier in the week. Powered by Commodity Insights