Dollar index hovers around one-month high; fast approaching 98 mark

The dollar index hovered around a one-month high as minutes from the Feds latest meeting showed policymakers divided on the rate outlook, suggesting the next chair may face hurdles in delivering cuts. Data released by the US Department of Labor (DOL) on Thursday showed that the Initial Jobless Claims declined to 206,000 for the week ending February 14. This figure came in below the market consensus of 225,000 and down from the previous weeks revised 229,000. Meanwhile, developments surrounding a potential US-Iran conflict will be closely watched. Alongside, investors will also brace for the preliminary reading of US Gross Domestic Product (GDP) for the fourth quarter (Q4), the Personal Consumption Expenditures (PCE) and the S&P Global Purchasing Managers Index (PMI) data, which are due later on Friday. The dollar index that measures the greenback against a basket of currencies is quoting at 97.93, set for a weekly gain of over 1% and is seen fast approaching the next critical 98 mark.

 

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