The dollar index (DXY00) today is down by -0.32%. The dollar today added to Monday’s losses and posted a 3-1/3 year low. The dollar remains under pressure due to uncertainties over US trade policies, with many nations trying to negotiate trade deals with the US before President Trump’s July 9 deadline.
Also, rising deficits are bearish for the dollar as the Congressional Budget Office estimates the Republicans’ reconciliation bill making its way through Congress would add nearly $3.3 trillion to US budget deficits over the next ten years. The dollar recovered most of its losses on today’s stronger-than-expected ISM manufacturing and JOLTS job openings reports.
