The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, consolidates its gains registered over the past two days and oscillates in a range, just above the 101.00 mark, through the early European session on Wednesday.
DXY struggles to capitalize on a two-day-old recovery move from the yearly trough. Reduced bets for a 50 bps Fed rate cut and geopolitical risks lend support to the USD. The US ADP report might provide some impetus ahead of the US NFP report on Friday. The US Dollar Index , which tracks the Greenback against a basket of currencies, consolidates its gains registered over the past two days and oscillates in a range, just above the 101.00 mark, through the early European session on Wednesday.
Furthermore, Israeli Prime Minister Benjamin Netanyahu promised that Iran would pay for its missile attack, while Iran said any retaliation would be met with vast destruction, raising the risk of a broader conflict in the region. This, in turn, tempers investors' appetite for riskier assets and drives flows towards traditional safe-haven assets.
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