Greenback stumbles to multi-year lows ahead of Trump's trade D-Day
Most US trade partners are set to see much steeper duties at the end of the 90-day moratorium on Trump's 'Liberation Day' reciprocal tariffs on Wednesday, with the president yesterday clarifying the new rates would take effect from August 1.
Trump said his administration is close to finalizing several trade deals in the coming days, while he will name some dozen countries later today that are receiving letters with their new, higher levies.
So far, only Britain, China and Vietnam have agreed any sort of trade deal with the White House.
'Market volatility appears inevitable when the pause officially ends and new tariff levels are announced,' James Kniveton, a senior corporate FX dealer at Convera, wrote in a client note.
At the same time, 'the impact may prove more muted this time,' he said. 'Unlike previous announcements where tariff levels exceeded expectations, current proposals are largely anticipated. Moreover, markets appear to be pricing in continued deadline extensions.'
The dollar slipped 0.1 per cent to 0.7944 Swiss franc in Asian trading, edging back towards the July 1 low of 0.7869 franc, a level not seen since January 2015.
The US currency edged up slightly to ¥144.73.
The euro eased 0.1 per cent to US$1.1773, not straying far from the July 1 peak of US$1.1829, the highest since September 2021. Sterling weakened 0.2 per cent to US$1.3628, but remained not far from the July 1 top at US$1.3787, the strongest since October 2021.
The dollar index, which measures the currency against those four rivals and two more major counterparts, added 0.1 per cent to 97.058, hovering above Tuesday's nearly 3-1/2-year trough of 96.373.
The Antipodean currencies were weak ahead of monetary policy decisions in both Australia and New Zealand over the next two days.
The Aussie dollar dropped 0.5 per cent to US$0.6519, sliding further from July 1's nearly eight-month high of US$0.6590. The Reserve Bank of Australia is widely expected to cut the cash rate by another quarter point tomorrow amid a cooling in inflation and an uncertain growth outlook.
'These factors, combined with ongoing concerns around tariffs and trade, have negated any concerns that the RBA may have held about a tight labour market,' IG analyst Tony Sycamore wrote in a client note.
'Forward guidance is expected to sound dovish, leaving the door open for further rate cuts into year-end.'
The Reserve Bank of New Zealand, by contrast, is predicted by a majority of economists to hold rates steady on Wednesday, although one more quarter-point reduction is expected later this year.
The New Zealand dollar slipped 0.4 per cent to US$0.6026. — Reuters

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3 hours ago
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