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Dollar Index rises for fourth day near 101.2 ahead of jobless claims

The DXY gained as expectations for a 25 basis point Fed hike in October jumped to nearly 69%, up from 55.4% a day earlier.

Reported · Written up by our desk · Major Pairs

The US Dollar Index, or DXY, was higher for a fourth straight day and traded around 101.20 during European hours on Thursday, according to FXStreet.

FXStreet attributed the greenback’s strength to hawkish expectations for Federal Reserve policy and to recent Flash US S&P Global PMI data showing manufacturing expanding at 52.0, higher than expected.

CME FedWatch data cited by FXStreet showed markets pricing a 25 basis point rate hike in October at nearly 69%, up from 55.4% the prior day, with investors turning attention to the upcoming weekly US Initial Jobless Claims report as Fed officials continue to emphasize inflation risks.

FXStreet also noted that strategists at Societe Generale said the US 10-year Treasury yield has crossed its 2023 peak at 5.02%, extending its uptrend, even as they cautioned that the latest move appears somewhat stretched.

Latest closeDollar index 101.16 ▲0.7%

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