The dollar index is attempting recovery around 97 mark after having breached below the level for the first time in almost three and half years. The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, hit a low of 96.61 this week amid consistent decline following ceasefire between Israel and Iran. Investors, however continue to access media reports that claim US President Donald Trump is considering nominating the next Federal Reserve Chair by September or October. Moreover, Fed's future outlook will also be gauged amid data that showed final printing of the Gross Domestic Product (GDP) for Q1 2025 confirmed that the economy lost traction, contracting more than expected and by a larger margin than the previous figure. All eyes will now turn to Friday's release of US Personal Consumption Expenditures (PCE) - Price Index data for May, the Fed's preferred inflation measure.

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