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The U.S. dollar edged higher early Wednesday but remained near multi-week lows as easing geopolitical tensions in the Middle East dampened demand for the safe-haven currency. At 08:20 GMT, the Dollar Index rose 0.2% to 97.665.
The dollar’s recent strength faded following President Donald Trump’s announcement of a ceasefire between Israel and Iran. Although both sides initially violated the truce, hostilities appeared to subside by Wednesday morning, boosting global risk appetite.
Markets now turn to Federal Reserve Chair Jerome Powell, who is scheduled to testify before the Senate—his second appearance this week. On Tuesday, Powell downplayed the urgency for interest rate cuts, citing inflation risks related to Trump’s trade tariffs. However, he acknowledged that a softening labor market and cooling inflation could justify cuts later this year.
ING analysts warned of a “sharply USD-negative scenario” if the Fed adopts a more aggressively dovish stance or if concerns grow over the Fed’s independence.
ING analysts believe the euro’s rally may stall unless new macroeconomic catalysts emerge, particularly from the U.S.
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