The dollar index fell to 100.1 on Tuesday, marking a near two-week low and extending a 0.7% decline from the previous session, as renewed concerns over the US economic and fiscal outlook weighed on sentiment. Traders also remained focused on potential developments in global trade negotiations.
Over the weekend, Treasury Secretary Scott Bessent reaffirmed that President Trump intends to impose tariffs at the rates threatened last month, on trading partners that fail to engage in "good faith" negotiations.
Adding to fiscal anxiety, Moody's downgraded the US rating from Aaa to Aa1 on Friday, citing rising government debt levels and a widening budget deficit. Concerns were further fueled by the approval of President Trump's tax-cut proposal which includes new tax cuts without offsetting spending reductions.
Meanwhile, New York Fed President John Williams and Atlanta Fed President Raphael Bostic indicated that policymakers may not be ready to consider rate cuts before September.
Source: Trading Economics
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