Dollar index mildly lower after recovering from two week low

US dollar index is quoting marginally lower as all eyed are fixated on the US Election outcome. The index currently quotes at 103.68, down 0.11% on the day. Meanwhile, the US Federal Reserve's meeting is also scheduled for this week, with a 25 basis point rate cut widely expected, following a 50 basis point cut in September. Dollar index had dipped near a two week low in last week but cut losses after inflation in the US, as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, edged lower to 2.1% on a yearly basis in September from 2.2% in August. The US Bureau of Economic Analysis (BEA) data showed that on a monthly basis, the PCE Price Index rose 0.2%. The core PCE Price Index, which excludes volatile food and energy prices, increased 2.7% in the same period, matching August's rise. The core PCE Price Index rose 0.3% on a monthly basis.

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