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US Dollar Index maintains position above 98.00 amid Ukraine-Russia peace hopes

  • The US Dollar Index finds support from positive signals toward a possible resolution of the Ukraine-Russia war.
  • President Trump has begun preparatory steps for a trilateral meeting with Russian President Putin and Ukrainian President Zelenskyy.
  • CME’s FedWatch tool shows markets are pricing an 84% probability of a 25-basis-point Fed rate cut in September.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is gaining ground for the second successive session and trading around 98.20 during the Asian hours on Tuesday. The Greenback continues to improve after US President Donald Trump announced that begin the preparation steps for a trilateral meeting with Russian President Vladimir Putin, Ukrainian President Volodymyr Zelenskyy.

President Trump added that Putin had agreed Russia would consider security guarantees and that discussions on possible territorial exchanges were needed. Trump noted that a ceasefire is not currently in place, saying, “I don’t know if a ceasefire is necessary, but I would welcome it.”

Ukraine’s President Volodymyr Zelenskyy emphasized the need for true peace and welcomed US involvement in security guarantees. Zelenskyy also confirmed major US arms purchase plans. Furthermore, US Secretary of State Marco Rubio said on Tuesday that he will work with European allies and non-European countries on security guarantees for Ukraine.

However, the US Dollar may face challenges as stronger-than-expected US producer inflation and retail sales data keep intact the dovish tone surrounding the US Federal Reserve’s (Fed) policy outlook. CME’s FedWatch tool indicates that markets are pricing in 84% odds of a 25 basis point Fed rate cut in September. Traders await the Jackson Hole Economic Policy Symposium due later in the week, with Fed Chair Jerome Powell’s speech for guidance on the Fed’s September policy outlook.

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 British Pound.

USDEURGBPJPYCADAUDNZDCHF
USD0.07%0.07%0.06%0.05%0.07%-0.06%0.02%
EUR-0.07%-0.01%-0.09%-0.01%-0.09%-0.12%-0.04%
GBP-0.07%0.00%-0.24%-0.01%-0.04%-0.12%-0.04%
JPY-0.06%0.09%0.24%0.05%0.08%-0.10%0.03%
CAD-0.05%0.01%0.00%-0.05%0.02%-0.12%-0.02%
AUD-0.07%0.09%0.04%-0.08%-0.02%-0.07%0.02%
NZD0.06%0.12%0.12%0.10%0.12%0.07%0.09%
CHF-0.02%0.04%0.04%-0.03%0.02%-0.02%-0.09%

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

Akhtar Faruqui

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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