The US dollar index edged higher toward 99 on Tuesday, recovering some ground after losses in the previous session as market sentiment steadied despite disappointing economic data and rising trade tensions.
On Monday, data showed US manufacturing activity contracted more than expected in May, reflecting headwinds from ongoing trade uncertainty under the Trump administration.
Trade concerns were heightened after Trump threatened to double tariffs on steel imports to 50%, drawing sharp criticism from major trading partners.
Tensions with China also escalated as Beijing rejected Trump's claim that it had violated a temporary trade agreement and pledged retaliatory measures to defend its interests.
Despite these headwinds, the dollar strengthened, particularly against the yen, aussie, and the euro. Investors are now awaiting fresh economic data on Tuesday including job openings, durable goods orders, and factory orders for further insights into the health of the US economy.
Source: Trading Economi
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