US Dollar Index trades near 96.50, remains steady near three-year lows
- The US Dollar Index holds position near 96.38, the lowest since February 2022, on Tuesday.
- Fed’s Powell said that central bank will gauge more data but did not rule out a rate cut in July.
- US ISM Manufacturing PMI climbed to 49.0 from 48.5 in May, against the expected 48.8.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is remaining steady and is trading around 96.70 during the Asian hours on Wednesday. Traders will likely observe the US ADP Employment Change report for June later in the day.
Fed Chair Jerome Powell highlighted on Tuesday that the US central bank will gauge more data before it initiates monetary policy easing, but he did not rule out a rate reduction in the July meeting. US Treasury Secretary Bessent told Fox News that he believes the Federal Reserve will cut interest rates earlier than the fall, but they will definitely cut rates by September at the latest.
US ISM Manufacturing PMI advanced to 49.0 from 48.5 in May, coming in above experts' expectations of 48.8. The readings indicated that economic activity in the United States (US) manufacturing sector improved in June. US JOLTS Job Openings rose to 7.76 million in May, compared to 7.395 million openings reported in April. This figure came in above the market expectation of 7.3 million.
The US Senate has narrowly passed the President Trump’s “big, beautiful budget bill”, with a thin 51-50 margin. The bill now heads to the US House of Representatives, where it is expected to face a tight vote. Trump, who campaigned on eliminating the US federal deficit, is now set to sign a spending bill into law that will add trillions of dollars to the national debt over the next decade.
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 Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.01% | -0.03% | 0.07% | 0.01% | 0.06% | -0.12% | -0.06% | |
| EUR | -0.01% | -0.08% | 0.03% | -0.02% | 0.05% | -0.02% | -0.06% | |
| GBP | 0.03% | 0.08% | 0.10% | 0.05% | 0.08% | 0.02% | -0.02% | |
| JPY | -0.07% | -0.03% | -0.10% | -0.04% | -0.00% | -0.12% | -0.10% | |
| CAD | -0.01% | 0.02% | -0.05% | 0.04% | 0.07% | -0.02% | -0.06% | |
| AUD | -0.06% | -0.05% | -0.08% | 0.00% | -0.07% | -0.02% | -0.10% | |
| NZD | 0.12% | 0.02% | -0.02% | 0.12% | 0.02% | 0.02% | -0.04% | |
| CHF | 0.06% | 0.06% | 0.02% | 0.10% | 0.06% | 0.10% | 0.04% |
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
FXStreet
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.
