USD Registers Modest Gains On Thanksgiving Holiday

The US dollar continues to seek further gains during the Thanksgiving holiday, but it has not been able to achieve significant increases due to lower liquidity levels in the markets during the US market closure.

The Dollar Index, which provides a clear picture of the US currency’s performance against a basket of major currencies, rose to 106.17 points compared to last Wednesday’s close of 106.08 points. The index fell to its lowest level during the current trading day at 106.10 points, compared to its highest level of 106.42 points.

Last Wednesday, the US dollar declined following data indicating that inflation in the United States remains on a downward trajectory, according to the most credible and reliable indicator for the Federal Reserve.

The US growth reading remained at levels indicating that the Gross Domestic Product (GDP) in the United States stands at 2.8%, indicating no change in the actual reading. However, the Personal Consumption Expenditures (PCE) Index reading fell to 3.5% from the previous reading of 3.7%.