The US dollar started the opening trading session early this week with a dismal performance as the market digested the downgrade of the US government's credit rating by Moody's at the end of last week.
Moody's cut the top sovereign credit rating by one notch due to concerns over the country's economic growth, which had contracted in the first quarter of this year.
In addition, the US dollar also began to show a decline in trading sessions late last week as investors evaluated the published data.
The survey of US consumer confidence published by the University of Michigan fell for the fifth consecutive month and the lowest since June 2022.
Meanwhile, the survey of US inflation expectations also rose to 7.3%, the highest since 1981.
Investors will continue to monitor the development of global tariff negotiations, which could influence the direction of the market after the positive development of negotiations between the US and China last week.
Meanwhile, President Donald Trump is reportedly facing opposition from within his own party in his efforts to push through a tax cut bill that is estimated to add $3 trillion to $5 trillion to the national debt over the next decade.
The national debt, which has now reached $36 trillion, is already causing concern, so Trump's move will only heighten the alarm.
