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The US dollar index (DXY) was trading around 101.3 on Tuesday, down 0.4% from the previous day, as market participants weighed the prospects of the US economy and the Fed’s monetary policy stance.
The market is digesting a slew of corporate earnings and economic indicators to gauge whether the US economy is facing a slowdown.
However, the Fed is likely to hike interest rates by another 25 basis points in May, though traders will be looking for clues on the future pace of tightening.
The European Central Bank is also expected to raise rates further in June, but the market is divided on whether it will be a 0.25 or 0.5 percentage point increase.
Investors are awaiting first-quarter GDP data and April consumer confidence data for more insights on the economic situation, as well as more earnings reports from major US companies.