The dollar index (DXY00) today is down -0.53%, undercut by today's weaker-than-expected US consumer sentiment report and today's -0.7 bp decline in the 2-year T-note yield. The dollar is also suffering from underlying foreign investor concern about the possibility of a politically-driven US monetary policy after US Treasury Secretary Bessent on Wednesday appeared to give the Fed marching orders on how much to cut interest rates.
The markets are awaiting the outcome of this afternoon's Trump-Putin summit, which will begin at "around 3 pm ET" (11 AM Anchorage time), followed by a joint press conference, according to Reuters' description of the White House schedule. The outcome could have macroeconomic implications regarding tariffs and oil prices, and will, of course, have major implications for European security.
