Dollar index posts steady uptick through the week
The dollar index has witnessed steady uptick all through the week and is recovering from its three-year low attained earlier this month. Dollar regained momentum after US President Donald Trump announced new tariffs. Besides, lingering threat to inflation from tariffs might convince the US Federal Reserve (Fed) to hold off on cutting interest rates until next year and in turn, could continue to support the greenback. Meanwhile, data revealed by the US Department of Labor showed that the number of Americans filing for unemployment benefits was below estimates and the previous print, indicating a solid economy. The dollar index that measures the greenback against a basket of currencies is quoting at 97.47, up 0.15% on the day and is set for 0.6% weekly gain after the index fell under 97 mark last week. Among basket currencies, EURUSD and GBPUSD are both lower by0.1% in tune with dollar gains and quoting at $11732 and $1.3568 respectively.
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