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The US Dollar Index (DXY), tracking the US Dollar (USD) against major currencies, faces downward pressure, trading below the key 98.00 level on Monday. Market sentiment is cautious as investors assess new geopolitical risks sparked by President Donald Trump’s weekend tariff threats against the EU and Mexico.
Adding to uncertainty, reports of Trump pressuring Federal Reserve Chair Jerome Powell to resign have raised fears about the Fed’s independence, potentially impacting investor confidence and USD sentiment in the near term.
On Tuesday, the release of June’s Consumer Price Index (CPI) will shed light on US inflation trends, influencing expectations for Federal Reserve policy and the DXY’s path forward. Persistent or easing inflation could significantly sway the index.
