The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, orbits around 106.50 at the time of writing on Wednesday after not making any positive impressions in February.
The DXY Index holds near yearly lows as traders shun the Greenback in a flight to safe havens from United States (US) President Donald Trump's tariffs, which are set to kick in on March 4 for Mexico, Canada, and China.
Meanwhile, traders are seeing a second element of a weaker greenback.
For the first time this year, Federal Reserve (Fed) rate cut bets are pricing in two rate cuts for 2025. The move comes as the interest rate gap between US yields and other countries narrowed, triggering a weaker US Dollar overall.
It comes just days before the Fed's preferred inflation gauge, the Personal Consumption Expenditures (PCE) data, which will be released on Friday.
Source: FXStreet
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