- The index hovers around the 103.00 region on Tuesday.
- US markets are closed due to the Independence Day holiday.
- Next salient event in the US docket will be the FOMC Minutes.
The greenback, when tracked by the USD Index (DXY), navigates within a tight range in the wake of the opening bell in Euroland on turnaround Tuesday.
USD Index looks cautious ahead of key releases
The index maintains the trade around Monday’s closing levels near the 103.00 yardstick against the backdrop of reduced trade conditions and scarce volatility due to the US Independence Day holiday.
Looking at the broader picture, the index continues to monitor developments around the potential next steps by the Federal Reserve in the next months vs. the persistent resilience observed in US key fundamentals.
So far, and according to CME Group’s FedWatch Tool, the probability of a 25 bps rate hike at the July 26 meeting is close to 90%.
In the US data space, the week is expected to be dominated by releases from the labour market (ADP report, weekly Initial Claims and Nonfarm Payrolls) as well as by the FOMC Minutes and the ISM Services PMI.
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