The US Dollar Index (DXY) posts modest gains to around 106.90 against major currencies during the early European session on Tuesday.
The US Dollar trades with mild gains to near 106.90 in Tuesday’s early European session. The Fed is expected to lowerinterest rates by 25 bps on Wednesday at the end of its two-day meeting. The US Retail Sales data for November will be released later on Tuesday. TheUS Dollar Index posts modest gains to around 106.90 against major currencies during the early European session on Tuesday. Traders will keep an eye on the US November Retail Sales, which are due later on Tuesday.
dollar has been at the mercy of headlines not only just surrounding what the Fed is going to do but whether it's going to be deemed a hawkish cut, noted Juan Perez, director of trading at Monex USA in Washington, D.C. S&P Global revealed in its preliminary report on Monday that the US Composite PMI, which takes both the services and the manufacturing business activity into account, came in at 56.6in December's flash estimate from 54.9.
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