The dollar index rose above 99 on Wednesday, building on a 0.7% gain from the previous session, as concerns over the Federal Reserve's independence eased and hopes for a de-escalation in the trade war grew.
President Trump stated he has no intention of dismissing Fed Chair Jerome Powell, alleviating fears of political interference in US monetary policy.
He also signaled a softer stance toward China, saying he plans to be "very nice" in any trade negotiations. Meanwhile, Treasury Secretary Scott Bessent acknowledged that the tariff standoff with China is unsustainable and stressed the need for both sides to de-escalate soon.
Despite the recent rebound, the dollar remains down about 9% year-to-date and has lost much of its safe-haven appeal in recent weeks amid persistent trade tensions, recession risks, and political pressure on the Fed, prompting many investors to shift away from US assets.
Source: Trading Economics
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