The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six other major currencies, retraces its recent gains from the previous two sessions, trading around 103.00 during the Asian session on Thursday.
The US Dollar depreciates due to heightened expectations of the US Fed reducing rates in September. CME Fed Watch tool suggests 72.0% odds of a 50-basis point Fed rate cut in September, up from 11.8% last week. The rising geopolitical tensions in the Middle East could drive increased safe-haven demand for the Greenback. The US Dollar Index , which measures the value of the US Dollar against six other major currencies, retraces its recent gains from the previous two sessions, trading around 103.
US Dollar FAQs What is the US Dollar? The US Dollar is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022.
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