On Wednesday, the US Dollar, represented by the Dollar Index (DXY), declined to its lowest level since June 18 at around 105.20 following the release of robust ADP labor market data.
US Dollar saw severe selling pressure after soft ADP figures from June. Markets boosted their bets for a September Fed rate cut. Keen market focus remains on the upcoming FOMC minutes from the June meeting. On Wednesday, the US Dollar, represented by the Dollar Index , declined to its lowest level since June 18 at around 105.20 following the release of robust ADP labor market data.
US Dollar FAQs What is the US Dollar? The US Dollar is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022.
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