The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, extends the previous day's correction and hovers around 102.30 at the time of writing on Wednesday after testing the 102.00 level in the early Asian session. The tariffs that United States (US) President Donald Trump introduced on Liberation Day are going to take effect this Wednesday.
Meanwhile, China and Canada have already vowed to retaliate against these tariffs with countermeasures, increasing fears of a global economic slowdown.
On the economic calendar front, some light data is set to be published on Wednesday ahead of the Federal Open Market Committee (FOMC) Minutes for the Federal Reserve (Fed) monetary policy meeting in March.
However, not much is expected from the Minutes, as Fed Chairman Jerome Powell said last week that the central bank will be in a "wait-and-see" mode. Meanwhile, markets are piling in for more interest rate cut bets by the Fed in 2025.
Source: FXStreet
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