The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its gains for the second successive day and hovering around the six-week high of 99.43, reached on Tuesday, during the Asian hours on Wednesday.
The US Dollar (USD) shows moderate losses against its main currency peers on Monday, as rumours about ongoing US-Iran negotiations have lifted market sentiment during the European session.
The US Dollar (USD) is outperforming this week, fuelled by higher US Treasury yields as solid macroeconomic data and high inflationary pressures have boosted expectations of Federal Reserve (Fed) rate hikes later in the year.