US Dollar Falls as Traders Eye Rate Hikes Amid Metals Market Declines

The US dollar index fell by 0.11% to 101.42 as traders positioned for possible interest rate hikes from the US Federal Reserve.

In the metals market, base metals generally declined across both domestic and overseas markets, with SHFE nickel leading the decline at 1.15%. LME zinc, LME tin, and LME nickel all dropped more than 1%, with LME zinc down 1.31% and LME nickel down 1.88%.

The US dollar's fall was reflected in a record high open interest in futures tied to the Fed's benchmark rate, exceeding 967,136 contracts as traders positioned for the possibility of a July rate hike.