Dollar index hits five-week high, Fed decision in focus

The US dollar index surged near 99 mark yesterday as markets stayed focused on the US Federal Reserves monetary policy decision on Wednesday. However, a tepid reading on the US labour market front has capped advances for the greenback. The U.S JOLTS (Job Openings and Labor Turnover Survey) data revealed a decline in job openings to 7.437 million in June 2025, down from 7.769 million in the prior month, marking a drop of 275,000. Dollar remains broadly supported at 98.63 right now and is up 1.30% this week as generally steady economic cues keep the currency elevated after it tested a multi-month low at the start of this month. Data out yesterday showed that the CB Consumer Confidence Index spiked to 97.2 in July, beating the previous reading of 93.

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