Dollar Index Holding Up But GBPUSD Might Change That...U.S. Dollar Currency IndexTVC:DXYLegendSinceDollar = Relative Game, Not Absolute Dollar Index isn’t just the USD — it’s USD vs a basket (mainly EUR, JPY, GBP). If the Fed cuts but ECB, BOE, and BOJ are also leaning dovish, the relative advantage doesn’t change; USD stays steady. The dollar has been consolidating because macro signals are mixed (Fed easing vs US resilience, inflation uncertainty, global growth divergence), and the euro/yen/GBP balance out. The market is waiting for a clear catalyst — usually a Fed decision, inflation report, or geopolitical shock to break the range.