US Dollar Index surges toward 99.00, rebounds from six-week lows

FXStreet
Updated
Mitrade
coverImg
Source: DepositPhotos

  • The US Dollar Index has rebounded from a six-week low of 98.58, recorded on Tuesday.

  • US ISM Manufacturing PMI fell to 48.5 in May, indicating a third monthly decline in output.

  • Market sentiment weakens as China’s Ministry of Commerce rejected Trump’s claims of breaching a tariffs truce.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, has rebounded from a six-week low of 98.58 and is trading higher near 98.90 during the Asian hours on Tuesday. Traders would likely observe the release of the JOLTS Job Openings later on Tuesday.

However, the US Dollar faced challenges after the Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index survey of the manufacturing sector indicated a decline for the third successive month. The index fell to 48.5 in May from 48.7 in April, against the market expectations of a 49.5 reading.

US President Donald Trump told a rally in Pennsylvania on Friday that he planned to secure the local steel industry by doubling import tariffs, increasing from 25% to 50%, on steel and aluminum. The increased tariffs will take effect on Wednesday, which will build up pressure on global steel producers and intensify the trade war.

The European Union (EU) warned that Trump's plan to double US tariffs on steel and aluminium could derail bilateral trade negotiations. On Saturday, the European Commission (EC) said that Trump's tariffs decision "undermines ongoing efforts" to reach a deal, warning about "countermeasures", per BBC.

Last week, Trump accused China of breaching a tariffs truce reached earlier this month. He also said that China had "totally violated its agreement with us". A spokesperson from China’s Ministry of Commerce rejected Trump’s claim and honored the agreement by cancelling or suspending relevant tariff and non-tariff measures aimed at the US "reciprocal tariffs."

US Dollar PRICE Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.


USDEURGBPJPYCADAUDNZDCHF
USD
0.18%0.15%0.17%0.14%0.44%0.34%0.05%
EUR-0.18%
-0.00%0.03%-0.02%0.28%0.24%-0.11%
GBP-0.15%0.00%
0.02%-0.01%0.28%0.24%-0.11%
JPY-0.17%-0.03%-0.02%
-0.04%0.23%0.18%-0.06%
CAD-0.14%0.02%0.01%0.04%
0.24%0.26%-0.09%
AUD-0.44%-0.28%-0.28%-0.23%-0.24%
-0.04%-0.38%
NZD-0.34%-0.24%-0.24%-0.18%-0.26%0.04%
-0.35%
CHF-0.05%0.11%0.11%0.06%0.09%0.38%0.35%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
US Dollar Index Price Forecast: Treads water above 99.00 near nine-day EMA barrierThe US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is edging lower after registering over 0.5% gains in the previous session and trading around 99.20 during the Asian hours on Wednesday.
Author  FXStreet
18 hours ago
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is edging lower after registering over 0.5% gains in the previous session and trading around 99.20 during the Asian hours on Wednesday.
placeholder
US Dollar Index Price Forecast: Hovers around 99.00, with a persistent bearish biasThe US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is retracing its recent losses from the previous session. The DXY is trading around 98.80 during the Asian hours on Tuesday.
Author  FXStreet
5 Month 27 Day Tue
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is retracing its recent losses from the previous session. The DXY is trading around 98.80 during the Asian hours on Tuesday.
placeholder
US Dollar Index falls toward 99.50 as Trump’s One Big Beautiful Act clears first hurdleThe US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, depreciates toward two-week lows.
Author  FXStreet
5 Month 23 Day Fri
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, depreciates toward two-week lows.
placeholder
US Dollar Index (DXY) consolidates around 100.35 area, close to over one-week lowThe US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, oscillates in a range around the 100.35 area through the Asian session on Tuesday and remains close to over a one-week low touched the previous day.
Author  FXStreet
5 Month 20 Day Tue
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, oscillates in a range around the 100.35 area through the Asian session on Tuesday and remains close to over a one-week low touched the previous day.
placeholder
US Dollar Index (DXY) Price Forecast: Seems vulnerable near 100.70; break below 200-period SMA on H4 awaitedThe US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, trades with a negative bias for the second straight day on Friday, though the intraday downtick lacks bearish conviction.
Author  FXStreet
5 Month 16 Day Fri
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, trades with a negative bias for the second straight day on Friday, though the intraday downtick lacks bearish conviction.
Real-time Quote