Dollar Index Lingers Along Flat Line Awaiting Powell Testimony

The dollar index is lingering along the flat line on Wednesday in Asia awaiting cues from Powells testimony before Congress later in the global day amid growing expectation of a Federal rate cut. The dollar index that measures the greenback against a basket of currencies was quoting at 103.75, unchanged on the day. The greenback eased following data yesterday that showed US S&P Global Services PMI experienced a slight decrease to 52.3, falling from January's 52.5, while the Composite PMI, which includes both manufacturing and service sectors, registered at 53.8. The ISM Services PMI reported a decline to 52.6 from 53.4, coming in below the anticipated consensus of 53. Factory Orders in January fell more than expected, from 0.2% to -3.6% on monthly basis. Among the basket currencies, EURUSD and GBPUSD were both staying flat at $1.0858 and $1.2704 respectively.

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