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FOREX: Greenback Remains Softer Following Trump Speech

FOREX
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  • While the US Dollar strengthened moderately during Trump’s speech, the USD index remains around 1% lower on the day. President Trump explained “we will tariff and tax foreign countries to enrich our citizens”, however the lack of details does little to refute the earlier reports that tariffs will not be imminently rolled out, keeping risk elevated and the dollar on the back foot.
  • EURUSD reached pullback lows of 1.0354 but has returned near to the 1.0400 mark, while USDJPY remains steady around pre speech levels of 155.80.
  • Gains for G10 currencies have remained broad based against the dollar, with the NZD continuing to marginally outperform. There has been some significant volatility for bitcoin, which briefly dipped as much as 8% from earlier session highs of 109,241, and stands around 102,500 at typing.
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  • While the US Dollar strengthened moderately during Trump’s speech, the USD index remains around 1% lower on the day. President Trump explained “we will tariff and tax foreign countries to enrich our citizens”, however the lack of details does little to refute the earlier reports that tariffs will not be imminently rolled out, keeping risk elevated and the dollar on the back foot.
  • EURUSD reached pullback lows of 1.0354 but has returned near to the 1.0400 mark, while USDJPY remains steady around pre speech levels of 155.80.
  • Gains for G10 currencies have remained broad based against the dollar, with the NZD continuing to marginally outperform. There has been some significant volatility for bitcoin, which briefly dipped as much as 8% from earlier session highs of 109,241, and stands around 102,500 at typing.