OCBC’s Sim Moh Siong and Christopher Wong highlight that Fed Chair Kevin Warsh’s appearance at Sintra and upcoming United States (US) payrolls are key for the US Dollar (USD).

The Dow Jones futures decline 0.34% to trade near 52,500, while S&P 500 futures gain 0.35%, trading near 7,520. Meanwhile, Nasdaq 100 futures rise 0.48% to trade near 30,380 during European trading hours on Wednesday.

BNY’s Geoff Yu argues that the US Dollar remains undervalued in real effective terms despite recent gains in USD/JPY, EUR/USD and USD/CAD. He notes that Eurozone growth and inflation have softened while U.S. price dynamics strengthen, supporting further appreciation in the Dollar’s REER.

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts fresh buyers on Wednesday amid uncertainty over Middle East diplomacy and elevated expectations of US Federal Reserve (Fed) rate hikes.

Deutsche Bank’s Jim Reid and team note that the S&P 500 ended Q2 strongly, with the index up 0.79% on the day and delivering its best quarter since Q2 2020.

OCBC’s Sim Moh Siong notes that the US Dollar (USD) softened slightly as global risk appetite improved on easing geopolitical tensions and a tech rebound.

ING’s Francesco Pesole notes that the Dollar has been giving back recent gains against G10 currencies as equities recover and risk sentiment improves. He highlights expectations for stronger US consumer confidence and softer JOLTS openings, which should still signal a healthy labour market.

The US Dollar (USD) rebounds after a three-day losing streak, with the US Dollar Index (DXY) trading 0.3% higher to near 101.40.

The Dow Jones futures rise 0.08% to trade near 52,610, while S&P 500 futures gain 0.10%, trading near 7,510. Tech-heavy Nasdaq 100 futures led the upward move, rising 0.20% to trade near 30,110 during European trading hours on Tuesday.

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 101.30 during the early European trading hours on Tuesday.

HSBC strategists highlight that the US Dollar (USD) has broken out of prior G10 ranges following an interim US–Iran peace agreement and a shift in Federal Reserve (Fed) messaging.

Scotiabank strategists Shaun Osborne and Eric Theoret note the US Dollar (USD) is easing for a third straight session as Fed hike expectations fade, with swaps now pricing less than 20bps of tightening by September.

Rabobank's Senior FX Strategist Jane Foley examines structural de-dollarisation themes alongside near-term Dollar dynamics. The de-dollarisation debate intensified after tariffs failed to trigger a traditional safe-haven bid for the Dollar and Treasuries in April 2025.

Deutsche Bank Research notes that investors reduced expectations for further Fed rate hikes after softer US PCE inflation, pulling December hike pricing down and lowering 2-year and 10-year Treasury yields.

OCBC’s Sim Moh Siong and Christopher Wong highlight that a more hawkish Federal Reserve and flatter US yield curve have replaced high Oil prices as the main support for the Dollar.

MUFG’s Lee Hardman notes the US Dollar index (DXY) is trading just below year-to-date highs, with the US Dollar posting a second straight week of gains after the Fed’s hawkish update.

US index futures advance during European trading hours on Monday as market sentiment rebounded on signs of easing geopolitical tensions. The Dow Jones futures gain 0.33% to trade near 52,400, while S&P 500 futures climbed 0.65% to around 7,450.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, continues its losing streak for the third consecutive day and is trading around 101.20 during the European hours on Monday.

MUFG’s Lloyd Chan highlights that US Treasury yields have eased only slightly, leaving the broader rates backdrop supportive for the Dollar. Elevated real yields and a “high-for-longer” US rate narrative keep USD demand firm and Asia FX under pressure.

The US Dollar (USD) starts the week on a steady note, with the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trading calmly near 101.35.

The upcoming week will bring a fresh test for major currency pairs as investors look ahead to key United States (US) labor market data, ISM Manufacturing figures, Eurozone inflation releases, and central bank commentary from the Federal Reserve (Fed), European Central Bank (ECB), Bank of England (Bo

The Dow Jones Industrial Average (DJIA) is closing the week as the last major US index standing, having rallied more than 1% to settle just below 52,000, with the record high near 52,300 still in view. That reads as strength until you ask where the buying is coming from.

MUFG’s Lee Hardman notes the US Dollar is set for a second straight week of gains but has lost upward momentum as softer US GDP and PCE data, plus dovish comments from New York Fed President Williams, reverse recent hawkish repricing.

TD Securities strategists note that United States (US) rates markets steepened after weaker headline Personal Consumption Expenditures (PCE) Price Index, while stronger personal income and spending data complicated the picture for the US Dollar (USD).

OCBC’s FX strategists Sim Moh Siong and Christopher Wong note the US Dollar (USD) rally has paused as global risk appetite improves, but highlight that sticky United States (US) inflation and steady labour data keep hawkish Federal Reserve (Fed) risks alive.

DBS Group Research strategist Philip Wee notes that the US Dollar Index (DXY) has seen its first post-FOMC decline as US inflation data suggest a possible peak.

Dow Jones futures decline 0.13%, trading near 52,270 during the early European hours on Friday. Meanwhile, S&P 500 futures fall by 0.60% to near 7,380, and Nasdaq 100 futures plunge 1.29%, trading near 29,350 at the time of writing.

MUFG’s Lloyd Chan notes that strong United States (US macro data continue to support a high-for-longer US rates environment, with Personal Consumption Expenditures (PCE) Price Index inflation and Gross Domestic Product (GDP) both firm.

The US Dollar Index (DXY) had every excuse to extend on Thursday and declined instead. A firm batch of US data crossed the wires, yet the Dollar eased off the top of its multi-month rally, slipping back toward 101.45 after probing close to 101.75 earlier in the session.

The Dow Jones Industrial Average (DJIA) printed a fresh intraday record near 52,650 on Thursday before easing back toward 52,200, and the temptation is to read that high as a broad vote of confidence. It was nothing of the sort.