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The US dollar index stayed well supported above 105 mark today, consolidating at a seven month high as rising US 10 year bond yields, which hit a decade and half top near 4.50% supported the sentiments. Supportive overseas trade data clubbed with likely elevated interest rates for a longer duration have ensured that Dollar index impressively maintains its winning spree. The US current account deficit narrowed sharply in the second quarter as surpluses on services and primary income offset a shortfall on goods. The US current-account deficit narrowed by $2.4 billion, or 1.1%, to $212.1 billion in the second quarter of 2023, according to statistics released by the US Bureau of Economic Analysis (BEA). The revised first-quarter deficit was $214.5 billion. The Dollar index has also benefited by a tepid near term monetary policy guidance from central bankers in EU, UK and Japan. The DXY currently quotes at 105.19, up 0.13% on the day.

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