Dollar index steadies near 3-month high; Critical data from US awaited for cues on Federal course of action

The US dollar index is steadying ahead of crucial US data due this week that could provide further clarity of Federal course of action. US treasury yields climbing above 4.2% are also keeping the greenback supported as investor await a preliminary reading of third-quarter GDP is set to be released later in the global day, followed by the PCE price index report on Thursday and nonfarm payrolls data on Friday. US data from the Jolts report showed job openings at their lowest since January 2021. Meanwhile, the Conference Board consumer confidence index rose sharply, marking its largest increase since March 2021. Safe haven demand amid ongoing Middle East tensions and apprehension ahead of US presidential results is keeping the dollar range bound around three-month highs. The US dollar index that measures the greenback against a basket of currencies is quoting at 104.18, down marginally on the day. Among basket currencies, EURUSD and GBPUSD are trading at $1.08 and $1.29 respectively.

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