S&P 500 — US Large Cap Index
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JSE Top 40 — South Africa Index
IPC Index — Mexico Market
- US Dollar Index may depreciate amid “Sell America” sentiment over US–EU trade tensions.
- President Trump reiterated his Greenland ambitions alongside earlier threats of 10% tariffs on eight EU countries.
- The European Parliament plans to suspend the July US trade deal as the EU signals tariffs on $93 billion of US goods.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is gaining ground after experiencing volatility and trading around 98.60 during the early European hours on Wednesday. The DXY may continue further downside for the third successive session as “Sell America” sentiment emerges amid increased trade war concerns on the United States (US)-European Union (EU) issue.
US President Donald Trump said there is “no going back” on his ambitions regarding Greenland, alongside earlier threats to impose new 10% tariffs on eight EU countries, fueling concerns over slower economic growth. Trump is scheduled to meet various stakeholders to discuss Greenland at the World Economic Forum in Davos on Wednesday.
The European Parliament plans to suspend approval of the US trade deal agreed in July, with the decision set to be announced on Wednesday in Strasbourg, France, signaling an escalation in US–Europe tensions. The European Union signaled potential duties on $93 billion of US goods, while France reportedly urged the use of the bloc’s Anti-Coercion Instrument.
The US Dollar receives support as US labor market data has pushed back expectations for further Federal Reserve (Fed) rate cuts until June. Fed officials have signaled little urgency to ease policy further until there is clearer evidence that inflation is sustainably moving toward the 2% target. Morgan Stanley analysts revised their 2026 outlook, now forecasting one rate cut in June followed by another in September, compared with their previous expectation of cuts in January and April.
