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Barchart
Rich Asplund

UNCOVERED: Subsiding tariff risks hammer the dollar | History Defined

BOJ Donald Trump Fox News United States Euro Ueda China ECB Interest Rates

The dollar index (DXY00) Friday fell by -0.53% and posted a 5-week low.  President Trump’s softening approach toward tariffs is undercutting the dollar after he told Fox News Thursday evening that he would “rather not” use tariffs against China.  Strength in the euro also weighed on the dollar after EUR/USD climbed to a 5-week high Friday after the Eurozone Jan PMIs were stronger than expected.  Friday’s US economic news was mixed for the dollar as manufacturing activity expanded and existing home sales rose, but consumer sentiment weakened.

The US Jan S&P manufacturing PMI rose +0.7 to 50.1, stronger than expectations of 49.8 and the highest level in 7 months.

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