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US Dollar Index treads water above 98.50 due to market caution

The US Dollar Index, which measures the value of the US Dollar against six major currencies, is holding ground after two days of gains and hovering around 98.70 during the Asian hours on Thursday. The Greenback remains steady as recent data point to a fragile US economic backdrop ahead of Friday’s crucial jobs report, tempering market sentiment.

Latest US Dollar Index News

1. US Treasury’s Bessent: Fed shouldn’t delay rate cuts

   By Christian Borjon Valencia | 19:19 GMT

2. FX Today: Focus shifts to US Nonfarm Payrolls

   By Pablo Piovano | 19:00 GMT

3. USD firmer against commodity currencies, DXY range-bound – Scotiabank

   By FXStreet Insights Team | 13:48 GMT

DXY Technical Overview

Fundamental Overview

Latest US Dollar Index Analysis

Latest US Dollar Index Analysis

Editors' picks

AUD/USD drops to three-day lows near 0.6680

AUD/USD adds to Wednesday’s correction and slips back to the 0.6680 region, or three-day lows, ahead of the opening bell in Asia. The pair’s daily pullback comes in response to further strength in the US Dollar in a context of generalised risk-off mood.

EUR/USD deflates to multi-week lows near 1.1640

EUR/USD is down for the third straight day on Thursday, coming under extra downside pressure and approaching its transitory 55-day SMA around 1.1640 amid tge persistent recovery in the Greenback. Moving forward, market participants should remain prudent ahead of the release of Friday’s US NFP figures.

Gold bounces back to its comfort zone

Gold now manages to regain some balance, fading its earlier pullback to the proximity of the $4,400 region per troy ounce and reshifting its attention to the $4,450 zone on Thursday. The yellow metal’s move lower comes in response to a better tone in the Greenback and the generalised recovery in US Treasury yields.

XRP slides as institutional and retail demand falters

Ripple (XRP) is trading down for the third consecutive day on Thursday amid escalating volatility in the cyrptocurrency market. After peaking at $2.41 on Tuesday, its highest print since November 14 amid the early-year rally, XRP has quickly ran into aggressive profit-taking.

2026 economic outlook: Clear skies but don’t unfasten your seatbelts yet

Most years fade into the background as soon as a new one starts. Not 2025: a year of epochal shifts, in which the macroeconomy was the dog that did not bark. What to expect in 2026? The shocks of 2025 will not be undone, but neither will they be repeated.

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Fed News & Analysis

FED News

1. US Treasury’s Bessent: Fed shouldn’t delay rate cuts

   By Christian Borjon Valencia | 19:19 GMT

2. FX Today: Focus shifts to US Nonfarm Payrolls

   By Pablo Piovano | 19:00 GMT

3. USD/CAD steadies near monthly highs as markets await US NFP and Canada jobs data

   By Vishal Chaturvedi | 18:19 GMT

FED ANALYSIS

1. Fed governors vs. Fed presidents: Why the dovish pivot may be harder than markets think

   By Stephen Innes 30 minutes ago

2. Five signs the Fed is quietly pivoting again (Gold’s next move?)

   By Mike Maharrey 34 minutes ago

3. Forecasts for Payrolls are all over the place

   By Barbara Rockefeller 13:51 GMT

More about FED!

US DOLLAR INDEX

The US Dollar Index (DXY, USDX) measures the value of the United States Dollar relative to a basket of foreign currencies. It is a weighted geometric mean of the dollar’s value relative to the following select currencies: Euro (57.6% weight), Japanese Yen (13.6%), British Pound (11.9%), Canadian Dollar (9.1%), Swedish Krona (4.2%) and Swiss Franc (3.6%). The index started in 1973, following the dissolution of the Bretton Woods system, with a base value of 100.00. Values are relative to this base – for instance, a current reading of 99.800 would indicate that the dollar has depreciated by 0.2% since the start of the index.

While the Dollar Index is a geometrically weighted index rather than trade-weighted, it is concentrated in European currencies and excludes two of the US’ top trading partners, Mexico and China. As a result, it is primarily used as a speculative tool rather than by corporates or asset managers like mutual funds, insurance companies or endowments. Additionally, the geometric mean methodology artificially undervalues the USD over time.

US Dollar Index on Wikipedia

INFLUENTIAL ORGANIZATIONS AND ECONOMIC DATA FOR THE US DOLLAR INDEX

The Federal Reserve (Fed)

The Federal Reserve (Fed) is the central bank of the United States (US) and it has two main targets: to maintain the unemployment rate at its lowest possible levels and to keep inflation around 2%. The Federal Reserve System's structure is composed of the presidentially appointed Board of Governors and the partially appointed Federal Open Market Committee (FOMC). The FOMC organizes eight scheduled meetings in a year to review economic and financial conditions. It also determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. The FOMC Minutes, which are released by the Board of Governors of the Federal Reserve weeks after the latest meeting, are a guide to the future US interest-rate policy.

Fed official website, on X and Facebook

The US Government

The US Government and its Treasury Department impact the US Dollar Index. Events such as administration statements, budgets, new laws and regulations or fiscal policy can increase or decrease the value of the DXY.

US Gross Domestic Product

US Gross Domestic Product (GDP) refers to the total market value of all final goods and services produced in the United States. It serves as a gross measure of market activity, indicating the pace at which the nation's economy is growing or contracting. Generally, a high reading or better-than-expected number is considered positive for the Dollar Index, while a low reading is seen as negative.