The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, trades near 100.00 on Thursday, lifted modestly by upbeat US data and expectations of extended yield differentials. Markets initially cheered news of a US-UK trade deal, though enthusiasm faded as details confirmed tariffs would remain in place.
Daily digest market movers: US Dollar holds ground after muted UK deal
US President Donald Trump announced a "major" trade deal with the United Kingdom, though key tariffs will remain at 10%, limiting market enthusiasm.
Investors remain skeptical about progress on China tariffs as Trump shows no intent to ease 145% duties and China delays negotiations.
Markets await this weekend's preliminary US-China trade discussions in Switzerland, but both sides are downplaying hopes for rapid breakthroughs.
The July 9 deadline for the Trump administration's tariff review approaches with limited new trade agreements signed so far.
US jobless claims fell to 228,000, beating market expectations and suggesting labor market strength.
The Bank of England reduced its policy rate by 25 basis points to 4.25%, widening the interest rate gap versus the US and boosting USD demand.
US Treasury yields remain supported with the 10-year note at 4.345%, ahead of a $39 billion auction and FOMC communication expected next week.
Risk sentiment improved after equities rallied, with the Dow Jones up over 1.6% as hopes grew for more trade clarity.
source: Fxstreet
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