US Dollar Trades Close to Multi-Week Highs Over Strong US Economic Data

Early on Friday, the US dollar continues to hold steady and trade close to multi-week highs over increased safe haven appeal on the back of rising uncertainties in the US-China trade war. At the time of writing, the US dollar index DXY is trading at around 99.14

Positive economic data coming out of the US even as other countries release weaker than expected figures continue to support the US dollar. Amid rising global economic weakness, the US economy continues to fight and stay strong, despite the rising trade tensions on multiple fronts.

Recent positive comments on US-China trade talks from both countries have also improved the sentiment towards the Greenback lately, as markets hope that a trade deal would soon work out and the trade dispute could be resolved. Additionally, a less dovish than expected Fed even as other central banks turn more dovish are also increasing the appeal of the dollar and the US economy.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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