Dollar index spikes above 100 mark to around 1-month high; BoE rate cut supports
The dollar index climbed well over 100 mark amid optimism surrounding US-UK trade deal and upbeat US data. US President Donald Trump reportedly announced a major trade deal with the United Kingdom, though key tariffs will remain at 10%. Meanwhile, US jobless claims fell to 228,000, beating market expectations and suggesting labor market strength. Hawkish stance by US Fed in its recent policy meet and BoE interest rate cut by 25 bps is further boosting greenback against the pound. The dollar index that measures the greenback against a basket of currencies is trading at 100.45, its highest level in almost a month. Among basket currencies, EURUSD and GBPUSD are trading slightly lower at $1.1253 and $1.3234 respectively.
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