US Dollar Index recovers some lost ground, key data in focus

The US dollar index recovered back some of its lost ground as cautiousness prevails ahead of Federal Reserve Chair Jerome Powell's speech later today, which will be looked upon for cues about the pace of interest rate cuts going forward. Moreover, rising tensions in the Middle East and concerns over China's economic recovery, despite the latest stimulus plans, act as a tailwind for the safe-haven currency. Currently, the counter is quoting at 100.56, after having dropped below 100 mark in the previous session. On Thursday, Gross Domestic Product (GDP) and Fridays PCE figures will be watched for dollar direction. Nevertheless, the DXY continues to linger near 14 month low which is benefitting basket currencies, EURUSD and GBPUSD, which are quoting higher at $1.11 and $1.33 respectively.

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