US Dollar Index falls to fresh lows near 96.50 ahead of ISM Manufacturing PMI data

• The US Dollar Index has recorded 6.62, the lowest since March 2022, on Tuesday.
• The Greenback struggles amid rising Fed uncertainty for the July policy decision.
• President Trump complained to Fed Chair Jerome Powell, criticizing him for being "too late" in implementing rate cuts.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is continuing its losing streak for the ninth successive day. The DXY is trading around 96.70, marking fresh lows since March 2022, during the Asian hours on Tuesday.

Traders are likely awaiting the US employment data during the week, including the US June ISM Manufacturing Purchasing Managers Index (PMI) data due later on Tuesday. The labor market figures would help in shaping the US Federal Reserve (Fed) policy stance for July.

The US Dollar extends its losing streak amid increasing uncertainty over the Federal Reserve (Fed) policy stance for July. According to the White House, US President Donald Trump has formally raised complaints about high interest rates to Federal Reserve (Fed) Chair Jerome Powell, criticizing Powell as being "too late." This renewed pressure on the Fed comes as early tariff impacts have already begun to lift near-term core inflation, as shown by the uptick in the Personal Consumption Expenditure Price Index (PCE) inflation last week.

Traders adopt caution over a sweeping tax and spending bill currently under consideration in the Senate, which could add $3.3 trillion to the national debt. US President Donald Trump posted on Truth Social on Monday, "One great big beautiful bill is moving along nicely!" The Trump Administration has gotten costs down, very substantially, for the American Consumer. There has never been anything like this!