The US dollar index hovered around 97.2 on Monday, lingering at its lowest level since February 2022, as markets grappled with a more dovish Federal Reserve outlook, mounting fiscal concerns, and ongoing trade uncertainty.
Investors are awaiting key US employment data this week, which could reveal signs of softening in the labor market and strengthen the case for a rate cut as early as July. While the Fed has previously cited labor market resilience as a reason to remain patient, a weak June jobs report could prompt policymakers to act sooner.
Meanwhile, focus remains on the sweeping tax and spending bill currently under Senate consideration, which is projected to add $3.3 trillion to the national debt and further weigh on sentiment. On the geopolitical front, the ceasefire between Israel and Iran appears to be holding, easing global tensions and dampening safe-haven demand for the dollar.
Source: Trading Economics
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