FX.co ★ Dollar Edges Up

The dollar index climbed to 99.7 on Wednesday, building on nearly a 0.4% rise from the previous day. This movement comes as traders anticipate new market drivers while keeping an eye on trade tensions and fiscal policy developments under the Trump administration. Even with this increase, the dollar remains close to its lowest level for 2023, seen in April, and has decreased by over 7% since the beginning of the year. Recently, President Trump delayed a planned 50% tariff on EU imports until July 9th, following a major announcement of the tariff. Meanwhile, the so-called “big beautiful bill” narrowly passed the House of Representatives by a single vote and is now awaiting a decision from the Senate. On the monetary policy front, the release of the Federal Open Market Committee (FOMC) meeting minutes later today could provide additional understanding of the Federal Reserve's future plans. The dollar showed broad strength, particularly against the yen, amid reports that Japanese authorities might intervene to stabilize their bond market.