Dollar Index leaps to one-year high

The US dollar leaped to its highest level in over a year following latest US inflation data that rose 2.6% in October, up from 2.4% in September and in line with expectations. The core inflation rate also held steady at 3.3%. US benchmark Treasury bond yields continued to rise with the 10-year benchmark note yielding 4.453% whereas dollar index jumped well above 106 mark. Currently, the dollar index that measures the greenback against a basket of currencies is quoting at 106.61, up 0.21% on the day following a 0.5% ascend in the previous session. Meanwhile, Dallas Fed President Logan issued some cautiousness for December rate cut becoming an uncertainty. Focus now shifts to Fed Chair Jerome Powell's speech, US Producer Price Index (PPI), retail sales and jobs data due this week. Among the basket currencies, EURUSD and GBPUSD are trading lower by around 0.2% at $1.0560 and $1.2686 respectively.

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