Dollar index loses recent momentum but holds on to 98 mark

The dollar index is losing momentum on Monday morning in Asia after coming off recently attained three and half week high but manages to stay supported above 98 mark. Uncertainties surrounding US President Donald Trumps tariff policies are seen dragging the currency lower alongside worries about US fiscal and debt situation. US Commerce Secretary Howard Lutnick said on Sunday he was confident the US could secure a trade deal with the EU, but said August 1 was a hard deadline for tariffs to kick in. Investors will continue to closely monitor the news US tariff policies. Meanwhile, Fed Governor Christopher Waller said that policymakers should cut interest rates in the July meeting to boost a job market that looks to be weakening, further contributing to downside in the greenback. The dollar index that measures the greenback against a basket of currencies is currently quoting almost flat at 98.19. Among basket currencies, EURUSD and GBPUSD are marginally higher at $1.1675 and $1.3430 respectively.

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