A dollar index remained steady as traders weigh US-China trade talks ahead of key economic data releases expected later this week.
The Bloomberg Dollar Spot Index little changed on Tuesday after rising 0.8% a day earlier
US Commerce Secretary Howard Lutnick said a 90-day extension of a trade truce with China was a likely outcome with negotiations between the two countries underway in Stockholm
US economic data to be released on Tuesday include wholesale inventories, JOLTS job openings, Conference Board consumer confidence
"On US-China, a better-than-expected result, such as lower tariffs or an extension, would prompt some short-term risk-on sentiment," said Felix Ryan, a foreign exchange strategist at Australia and New Zealand Banking Group. "Judging by the price action seen in early May, this may also provide a short-term boost to the dollar"
The threat of steep tariffs earlier in the year has been a key reason for the greenback's underperformance in 2025. Now that tariffs are coming through as better than expected, this may help the dollar recover some lost ground on group-of-ten currencies
But in longer term, the view is still for a weaker dollar; not seeing the dollar's rebound as the beginning of an extended rally back to the year's high by any means
Source: Bloomberg
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