The US dollar index held steady around 99 on Wednesday, trading in a narrow range this week as investors remained cautious ahead of the latest Consumer Price Index report, which could offer insight into the economic impact of recent tariffs.
Markets are also closely watching developments in US–China trade talks. US Commerce Secretary Howard Lutnick said both countries have reached a framework to implement the Geneva consensus and follow through on commitments made during a recent presidential call.
He also expressed optimism that China will lift its restrictions on rare earth exports, while the US is considering easing its curbs on advanced technology sales to China.
Despite the trade optimism, the dollar remains near its lowest levels since early 2022, pressured by growing investor concerns over the broader economic impact of President Trump's trade and fiscal policies, which have prompted a shift away from US assets.
Source: Trading Economics
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