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Barchart
Rich Asplund

UNBELIEVABLE: Economic concerns from tariffs undercut the dollar | History Defined

ECB United States Euro Harker Interest Rates BOJ Economy Japan Philadelphia Fed US Federal Reserve

The dollar index (DXY00) Thursday fell by -0.21% and posted a 4-month low.  The dollar is under pressure because of the negative impact of US tariffs on the US economy.  Also, the euro’s strength weighed on the dollar after EUR/USD Thursday jumped to a 4-month high when the ECB said interest rates are less restrictive.  In addition, the yen rallied to a 5-month high against the dollar Thursday as Japan’s largest union demanded higher wages.  The dollar added to its losses today after the US Jan trade deficit widened to a record. 

Hawkish comments from Philadelphia Fed President Harker limited losses in the dollar when he warned that price pressures may threaten progress on inflation.  Also, Thursday’s selloff in stocks boosted liquidity demand for the dollar. 

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