Investors are gradually overcoming distrust in the US dollar. However, they are still taking it with a pinch of salt, so the greenback is trading under pressure. In the Asian trade today, the USD/JPY pair rebounded from a Thursday's low of 110.50. Today, the pair is trading at 111.25. Analysts foresee a downward correction to 111.00. Meanwhile, the US dollar index is trading flat. In the early session today, the US dollar index surpassed the 98.00 level and later declined to 97.62. Nevertheless, experts suppose a rise of the US dollar index next trading week as the date of the US Fed's policy meeting is approaching.
Traders are betting on the rate hike by the US central bank in June. Such expectations could provide the US dollar with support. However, time will show what decision will be made by the policy makers. As for the short-term outlook for the US dollar, analysts expect the greenback to close the trading week in the red zone. The economic calendar lacks macroeconomic data today. The US will not release any first tier reports. So, the market is unlikely to ease pressure on the US dollar today.