The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, faced losses of around 1.3% in just three trading days on Wednesday (5/21), trading near 99.58. Throughout the week, the USD has paid the price for the erratic policy changes of the Trump administration, which has faced difficulties on several fronts.
US President Trump no longer seems to have a firm grip on Israeli Prime Minister Benjamin Netanyahu. During his tour of the Middle East, Trump declared it was time for a new nuclear deal with Iran and a second chance.
However, in the final trading hours on Tuesday, CNN reported that Israel was considering attacking nuclear installations in Iran – something former President Joe Biden managed to avoid – and undoing President Trump's diplomatic efforts over the past few days in the region.
The second front is domestic, with another failure for what Trump called the "Big Beautiful Bill". Trump is frustrated by demands to significantly increase the state and local tax (SALT) deduction cap, signaling a deadlock in passing a sweeping tax cut bill.
Trump told lawmakers not to let the SALT deduction or disagreements over cuts to the social safety net stall the bill, but lawmakers from high-tax states and conservative hardliners are still opposing the bill unless their changes are made, Bloomberg reported. (Newsmaker23)
Source: FXstreet
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