Dollar Index holds firmly above 103 mark; US data in focus

The US dollar index inched lower in Asian trades on Wednesday in line with a pullback in US benchmark treasury yields following the Federal Reserve Bank of New York report showing regional manufacturing activity has returned to contraction in the month of October. The New York Fed said its general business conditions index tumbled to a negative 11.9 in October from a positive 11.5 in September, with a negative reading indicating contraction. The US treasury yields were trading at around 4% while the dollar index held remarkably close to 103 mark as inventors continue to access US data for Federal rate action path. Looking ahead, retail sales, industrial production, and the Philadelphia Fed Manufacturing Index reports are likely to guide the outlook further. Among basket currencies, EURUSD and GBPUSD are quoting at $1.0917 and $1.3073 respectively.

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