FX.co ★ Dollar Edges Higher

The US dollar index experienced a slight uptick, reaching 98.4 on Thursday, as it rebounded after a turbulent previous session that ended with a decline amid renewed concerns about the Federal Reserve's autonomy. Overnight reports suggested that President Donald Trump considered terminating Fed Chair Jerome Powell, although Trump later dismissed these claims, stating it was "highly unlikely." In terms of economic indicators, US producer prices remained flat in June, an unexpected development that bolsters the argument for potential Federal Reserve rate cuts later in the year. Investors are keenly awaiting the release of retail sales data later today for additional insights. On the trade front, Trump stated on Wednesday that the US is likely to maintain a 25% tariff on imports from Japan and hinted at the potential for a new trade agreement with India, following his announcement of a deal with Indonesia on Tuesday.