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The U.S. dollar index (DXY) fell by 0.32% today, marking a 3-1/3 year low due to uncertainties in U.S. trade policies ahead of President Trump’s July 9 deadline. A Congressional Budget Office estimate suggests that the Republicans’ reconciliation bill could add nearly $3.3 trillion to U.S. budget deficits over the next decade.
However, the dollar partially recovered after stronger-than-expected economic reports: the June ISM manufacturing index rose to 49.0, surpassing the forecast of 48.8, while May JOLTS job openings increased by 374,000 to a six-month high of 7.769 million, exceeding expectations of a decline to 7.300 million.
The euro (EUR/USD) is up 0.10%, reaching a 3-3/4 year high, supported by improved Eurozone manufacturing data and German labor market results. The Eurozone June CPI rose to 2.0% y/y, meeting expectations. In Japan, the yen strengthened to a 3-1/2 week high against the dollar, attributed to a rise in the June consumer confidence index to 34.5 and an unexpected increase in the Tankan Q2 survey.
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