The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding ground after losing more than 0.50% in the previous session and trading at around 97.90 during the Asian hours on Tuesday. Market caution deepened amid rising uncertainty over impending tariffs and increasing worries about the Federal Reserve's (Fed) independence.
US Commerce Secretary Howard Lutnick stated unequivocally in a televised interview, "That's a hard deadline, so on August 1, the new tariff rates will come in. Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1."
US Treasury Secretary Scott Bessent said the Fed's independence on monetary policy is under threat by its "mandate creep" into non-policy areas. Bessent urged the central bank to undertake a comprehensive review of those activities.
Source: FXstreet
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