Dollar index gathers further momentum above 99.50 mark

The dollar index added further gains on Wednesday for the second straight session on the back of upbeat economic data. The Conference Board's US consumer confidence Index rebounded sharply after a prolonged fall since December 2024. The Conference Board said its consumer confidence index spiked to 98.0 in May after plunging to a downwardly revised 85.7 in April. This marks the biggest monthly rise in four years amid an improving outlook for the economy and the labor market on the back of the US-China trade truce. Dollar index that measures the greenback against a basket of currencies accrued optimism from this and is quoting at 99.65, up 0.22% on the day. Investors will eye the Federal Reserves (Fed) last meeting minutes, the second estimate for Gross Domestic Product (GDP) in Q1 2025, and the Feds Core Personal Consumption Expenditures (PCE) Price Index during the week ahead.

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