- The US Dollar could gain ground due to increased risk aversion on Tuesday.
- The improvement in US Treasury yields may contribute to support for the Greenback.
- Vice President Kamala Harris had secured endorsements for the leading candidate for the presidential nomination.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six other major currencies, has recovered daily losses, trading around 104.30 during the early European hours on Tuesday. The higher US Treasury yields contribute support for the Greenback, with 2-year and 10-year yields on US Treasury bonds standing at 4.52% and 4.25%, respectively, at the time of writing.
The US Dollar (USD) faces pressure as expectations rise for a Federal Reserve (Fed) rate cut in September. Last week, Fed Chair Jerome Powell noted that the three US inflation readings this year "add somewhat to confidence" that inflation is on track to meet the Fed’s target sustainably, implying that interest rate cuts might be approaching.
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