FX.co ★ Dollar Hovers Around 97.5

The dollar index remained relatively stable at around 97.5 on Thursday, as tariff-related news continued to dominate headlines. President Trump announced the imposition of a 50% tariff on Brazilian imports, and confirmed the implementation of a similar 50% tariff on copper imports, set to begin on August 1. In parallel, the minutes from the most recent Federal Open Market Committee (FOMC) meeting revealed that the majority of policymakers still anticipate a rate cut within the year, yet opinions vary—with some advocating for a reduction as early as July, while others argue against any cuts. There was also a division among officials regarding the inflationary effects of tariffs. Upcoming are the Consumer Price Index (CPI) figures for June, expected next week. Economically, initial jobless claims surprisingly dropped by 5,000 to 237,000 last week, although continuing claims increased to 1.965 million, marking the highest level since 2021. This data indicates a robust labor market, albeit with signs of gradual cooling. Meanwhile, the greenback appreciated against the euro and the British pound, but diminished in strength compared to the Swiss franc.