The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is steadying after registering more than 0.50% gains in the previous session.
The DXY is trading around 99.60 during the European hours on Wednesday. Traders await the FOMC Minutes due later in the North American session.
The US Dollar is gaining support amid growing optimism among US consumers following the Conference Board's Consumer Confidence Index rising to 98.0 in May from the previous 86.0 reading.
Additionally, the emergence of bond market optimism is supporting the Greenback, driven by Japan's plans for potential cuts in government debt issuance.
Additionally, the Greenback received support as US yields fell, driven by pressure on the global yields following Japan's indication of potential cuts in government debt issuance, which has boosted global bond markets.
On Monday, Japan's Ministry of Finance asked for feedback from market participants on bond issuance and the current market situation, according to Bloomberg.
The Japanese government could potentially be concerned since long-term yields surged, with the yield on 20-year notes reaching historical highs last week.
Source: FXStreet
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