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The US Dollar edged higher on Tuesday, stabilizing after a decline at the start of the week, though it remained near multi-week lows.
The modest recovery came as market sentiment steadied despite growing concerns over trade tensions and a string of soft economic data.
The dollar’s weakness on Monday followed a weaker-than-expected ISM Manufacturing PMI, which came in at 48.5, signalling a third consecutive month of contraction. The figure highlighted persistent headwinds for the US industry amid elevated uncertainty over tariffs.
Trade concerns continued to dominate market sentiment. President Donald Trump’s threat to double steel tariffs to 50% and escalating rhetoric with China have reignited fears of a renewed trade confrontation. Beijing rejected Trump’s claims of a trade agreement breach, raising the risk of further escalation.
Looking ahead, investors await key data, including JOLTs job openings and factory orders, for further clues on the economic trajectory and the Fed’s policy outlook.
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