US Dollar Trades Steady, Still Supported by Growing Optimism About US Economy

The US dollar has slid slightly lower after touching the highest level of this year in the previous trading session, buoyed by optimism

US dollar index DXY

Early on Tuesday, the US dollar has slid slightly lower after touching the highest level of this year in the previous trading session, buoyed by optimism about the health of the US economy. At the time of writing, the US dollar index is trading around 97.59.

The greenback had strengthened on Monday following recent economic data releases which revealed that the US economy is performing well in recent times. The US dollar has dipped slightly since then amid thin volatility on the back of a holiday in the US markets on Monday.

Markets are experiencing thin trading volumes in today’s Asian session as well as the Chinese New Year holiday approaches. The dollar is also trading stronger as its other major peers perform poorly in the wake of disappointing economic data releases, especially from the Eurozone.

The US dollar is also enjoying some support from an improvement in sentiment following the signing of the US-China phase one trade deal last week. Markets remain upbeat that better trade relations with China will support economic growth in the US in the coming months.

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.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers