The dollar index (DXY00) fell by -0.03% on Tuesday. The dollar was under pressure Tuesday as hopes for a deal to reopen the Strait of Hormuz have boosted stocks and knocked crude oil prices sharply lower. The slide in crude oil prices lowers inflation expectations and could prompt the Fed to loosen monetary policy, a negative factor for the dollar. Tuesday's weaker-than-expected US economic reports on June JOLTS job openings and June factory orders also weighed on the dollar.
The US June trade deficit was -$73.3 billion, slightly larger than expectations of -$73.0 billion.
