16 July
Dollar gains on market optimism over Trump's tariff policy
Reuters reports that the dollar strengthened on strong US services data and investors’ cautious optimism over US import tariffs.
Donald Trump stated not all of the discussed duties would be imposed on April 2 and some countries may get breaks. The comments boosted the US currency and helped soothe market concerns about the country’s economic growth.
According to Reuters, the dollar jumped 0.9%, exceeding 150 yen, and then reached a three-week high of 150.92 yen. Additionally, strong services PMI data provided by S&P Global pushed US bond yields up.
The news agency reports that the dollar index posted a fourth consecutive session of growth. However, further dynamics of the index is unclear due to Trump's statements about the imminent imposition of tariffs on automobile imports, the market implications of trade duties, and concerns about the growth of the US GDP.
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