US Dollar Index advances to near 100.00 as Trump sets no clear Iran ceasefire timeline
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 100.00 during the early European trading hours on Thursday. The DXY rises following an address to the nation by US President Donald Trump.
Trump said during a primetime televised speech from the White House on Thursday that his core "objectives are nearing completion" in Iran and expected another two or three weeks of involvement. However, he signaled that the US is prepared to intensify its military response in the remaining time period and threatened to bring Iran “back to the stone ages.” Ongoing conflict in the Middle East could provide some support to a safe-haven currency such as the US Dollar in the near term.
Higher energy prices have strengthened the case for the US Federal Reserve (Fed) to keep interest rates steady. Traders in the futures market have priced in nearly a 52% probability of a Fed rate increase by the end of 2026, the first time it has crossed the 50% threshold, according to CNBC.
All eyes will be on the US employment report for March, which is due on Friday. The market consensus for Nonfarm Payrolls (NFP) is 60,000 in March. The Unemployment Rate is projected to hold steady at 4.4% during the same period. If the reports show weaker-than-expected outcomes, this could weigh on the US dollar against its rivals.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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