DBS Group Research strategist Philip Wee notes that the US Dollar Index (DXY) Index is struggling to regain the 100 level, with European currencies better reflecting underlying Dollar weakness once Japanese Yen (JPY) volatility is excluded. Wee also flags US trade policy uncertainty and legal challenges to tariffs as additional headwinds, alongside reduced expectations for a September Federal Reserve rate hike. DXY struggles near key threshold"The DXY Index’s negative bias is becoming increasingly difficult to ignore, following four failed attempts to reclaim the psychological 100 threshold." "Following last week’s underwhelming FOMC meeting, the futures markets cut the probability of a September Fed hike to 58% from 72%." "US trade policy uncertainty remains another headwind for the USD."