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The US Dollar Index (DXY) is currently trading at 106.09, experiencing a slight decline from its recent peak of 106.35. Despite this minor setback, the index continues to show strength, poised to test its November 1 high of 107.10.
The overall outlook for the Greenback remains positive, supported by escalating tensions in the Middle East and hawkish expectations regarding the Federal Reserve (Fed), which may bolster demand for the USD.
The US economy is demonstrating robust growth alongside persistent inflationary pressures, prompting the Fed to adopt a more hawkish stance in its messaging. This shift has led to a rally in US Treasury yields, consequently benefiting the US Dollar.
