The US Dollar Index (DXY) is exhibiting marginal fluctuations amidst broader market recovery following Monday’s downturn. The index, which measures the USD against six major currencies, is currently trading around 103.00, influenced by recent commentary from Secretary Scott Bessent. Despite a prior decline attributed to risk-averse sentiment, the DXY has demonstrated a recovery since the robust Nonfarm Payrolls (NFP) report. The index’s ability to sustain this upward trajectory will be contingent upon forthcoming US economic data.
The economic calendar includes the National Federation of Independent Business (NFIB) Business Optimism Index for March. In light of ongoing tariff discussions, market participants will closely scrutinize this indicator for insights into US business sentiment. Secretary Bessent has indicated that 70 countries have expressed interest in negotiations, with President Trump’s direct involvement and prioritization for countries that have not escalated trade tensions.
In Europe, European President Ursula von der Leyen has expressed openness to negotiating with the US regarding recently announced import tariffs. However, she also affirmed the EU’s readiness to implement countermeasures if required.
