DXY regains footing above 97 mark after US jobless claims data

The dollar index is adding gains above 97 mark on Friday morning in Asia as US Fed yesterday went ahead with a widely expected 25 bps rate cut but sounded cautious on its approach about further rate cuts this year. Moreover, data overnight showed a drop in new jobless claims, supporting gains in the greenback. The number of US citizens submitting new applications for unemployment insurance went down to 231K for the week ending September 13. The latest print came in short of initial estimates (240K) and was lower than the previous weeks 264K (revised from 263K). The dollar index that measures the greenback against a basket of currencies rebounded above 97 mark after having briefly dipped below 96 mark during the week. Among basket currencies, EURUSD and GBPUSD were both trading slightly lower amid strength in greenback at $1.1830 and $1.3545 respectively.

 

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