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Market Update: US Dollar Index Lifts from 4-Month Lows
The US Dollar Index lifted 0.373 points or 0.42% to 90.045 in early trade Friday, lifting from 4-month lows touched earlier in the week and remaining on track for a 1.5% week gain as market participants were buoyed by stronger than expected labor data. Americans filing new claims for unemployment benefits dropped by 38K to 406K last week, the lowest level since the pandemic first hit the labor market in March 2020. The strong data also bid long term bond yields, with local 10-year rates lifting to 1.611%. Meantime, market participants will be keenly monitoring Friday’s April PCE report. The Fed’s preferred inflation measure is seen jumping to 2.9% in April, the highest since 1993, while any reading much above expectations could force the US central bank to rethink the timing to exit its extremely loose monetary policy. [/s2If]
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