US Dollar Index (DXY) consolidates around 100.35 area, close to over one-week low
- The USD continues with its struggle to gain any meaningful traction on Tuesday.
- Bets for more interest rate cuts by the Fed keep the USD bulls on the defensive.
- Easing US recession fears holds back the USD bears from placing aggressive bets.
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, oscillates in a range around the 100.35 area through the Asian session on Tuesday and remains close to over a one-week low touched the previous day. Moreover, the lack of any buying interest and a bearish fundamental backdrop suggests that the path of least resistance for the index remains to the downside.
Traders increased their bets for further interest rate cuts by the Federal Reserve (Fed) in 2025 following last week's softer-than-expected release of the US Consumer Price Index (CPI) and the Producer Price Index (PPI). Adding to this, the disappointing US monthly Retail Sales data increased the likelihood of several quarters of sluggish growth. This, along with a surprise downgrade of the US government's credit rating on Friday, continues to act as a headwind for the USD.
Meanwhile, the US and China agreed to significantly lower tariffs and initiated a 90-day pause to finalize a broader deal. The development marked the de-escalation of a disruptive standoff between the world's two largest economies and eased concerns about a US recession. This, in turn, is holding back traders from placing aggressive bearish bets around the USD and helping limit the downside on the back of the recent hawkish remarks from several influential FOMC members.
Moving ahead, there isn't any relevant market-moving economic data due for release on Tuesday. Hence, the focus will remain glued to speeches by influential FOMC members, which will play a key role in driving the USD later during the North American session.
US Dollar PRICE Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.11% | -0.13% | -0.23% | 0.04% | 0.43% | 0.05% | -0.16% | |
| EUR | 0.11% | -0.01% | -0.11% | 0.16% | 0.56% | 0.18% | -0.04% | |
| GBP | 0.13% | 0.00% | -0.12% | 0.16% | 0.54% | 0.20% | 0.00% | |
| JPY | 0.23% | 0.11% | 0.12% | 0.27% | 0.66% | 0.28% | 0.13% | |
| CAD | -0.04% | -0.16% | -0.16% | -0.27% | 0.40% | 0.01% | -0.17% | |
| AUD | -0.43% | -0.56% | -0.54% | -0.66% | -0.40% | -0.37% | -0.56% | |
| NZD | -0.05% | -0.18% | -0.20% | -0.28% | -0.01% | 0.37% | -0.18% | |
| CHF | 0.16% | 0.04% | -0.01% | -0.13% | 0.17% | 0.56% | 0.18% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
