the 101.90 support amid the early hours of Tuesday’s Asian session. In doing so, the greenback’s gauge versus the six major currencies bears the burden of Friday’s downbeat US employment data and the softer US Treasury bond yields despite hawkish comments from the Federal Reserve officials. Also exerting downside pressure on the DXY is the risk-on mood even as China flags economic fears.
The hawkish comments from the Fed officials fail to lure the US Dollar Index buyers amid Friday’s downbeat US jobs report and the recently softer US inflation expectations. On the other hand, the latest US employment report for June marked a negative surprise and offered a big blow to the US Dollar, making it post the biggest daily loss in three weeks. However, Monday’s downbeat prints of China inflation data flagged fears of deflation in the world’s biggest industrial player, which in turn allowed the US Dollar to lick its wounds.
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