The dollar index edged down 0.03% on Tuesday, pressured by a rally in equities and a more than 5% plunge in crude oil prices to a three-week low. Weaker-than-expected US economic data also weighed on the greenback, with June JOLTS job openings falling 178,000 to 7.359 million and June factory orders unexpectedly declining 0.3% month-over-month. The slide in oil prices lowered inflation expectations, fueling speculation that the Federal Reserve could ease monetary policy. In precious metals, October COMEX gold settled up $61.60, or 1.52%, and September silver surged $2.389, or 4.13%, to a one-week high, supported by lower Treasury yields and the drop in crude. The euro gained 0.19% against the dollar, while the yen weakened 0.39% but found some support from falling energy costs and comments by US Treasury Secretary Scott Bessent signaling continued joint intervention to support the Japanese currency.
Weaker data and lower oil prices fuel Fed easing expectations, pressuring yields lower.
