US Dollar flat with traders facing difficulties to grasp all moving parts
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, has recovered a near 0.50% loss that got printed at the opening hours in the Asian markets on Monday.
The initial move down in the US Dollar came in, due to euphoria for the Euro (EUR) after the first German election results showed a firm lead for the Christian Democratic Union of Germany (CDU), which will take the lead in forming a coalition.
As the dust settles, this means that fundamentally, no big changes will take place in Germany regarding leadership and political agenda, which triggers the Euro to pare back gains and the DXY to turn flat to positive.
Meanwhile US headlines have been added where several US departments such as the Pentagon have asked employees not to go ahead with the request from Elon Musk and DOGE (Department of Government Efficiency) to disclose their duties.
Elon Musk meanwhile issued warnings on Twitter that those who fail to comply coming into the office or reporting back to DOGE, will be put on leave.
Source: FXStreet