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Market Update: Dollar Index Hits 19-week Low
The US Dollar Index was steady at 89.849 in early trade Tuesday, holding near 3-month lows, with global market risk appetite improving as US 10-year bond yields eased to near 2-week lows of 1.605%, while investors await key US inflation readings for further guidance on monetary policy. Recent data pointing to a recovery in the labor market, leading indicators signaling rapid growth in both the services and factory sectors and growing inflationary pressures sparked concerns that the Fed may have to tweak policy soon to prevent the economy from overheating. Still, minutes of the US Federal Reserves last meeting showed that those officials who favor earlier tapering are a minority. This week, aside from the inflation narrative, market participants are keenly anticipating the US gross domestic product, jobless claims and durable goods due on Thursday. [/s2If]
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