United States Dollar Index (DXY) struggles near 99.65 and remains close to multi-week low
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, trades with a negative bias for the third straight day and hovers around the 99.65 region during the Asian session on Thursday.
The US Dollar Index (DXY) has been struggling to gain traction near the 99.65 mark and is hovering close to its lowest level since June 17, during the Asian trading session on Thursday. Market participants are keeping a close eye on the Middle East crisis and the upcoming US monthly jobs data slated for Friday. Iran and Oman are reportedly nearing a deal to facilitate commercial shipping through the Strait of Hormuz, which adds a positive note to diplomatic progress following the ongoing US-Iran conflict.
Additionally, recent economic data, such as the ADP report and ISM Services PMI, have underwhelmed expectations, adding to the pressure on the safe-haven US Dollar (USD). However, the situation remains fluid, with traders awaiting the key Nonfarm Payrolls (NFP) report on Friday to gauge the Federal Reserve's future policy direction and the near-term trajectory for the DXY.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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