24 April | Dollar

Dollar recovery loses momentum with global trade in focus

Dollar recovery loses momentum with global trade in focus

The dollar took a breather on Thursday after a surge driven by Donald Trump backing off his plans to remove US Federal Reserve Chair Jerome Powell and a possible reduction in tariffs on China. 

Besides, the greenback got an extra boost following US Treasury Secretary Scott Bessent's statements on the absence of a specific currency target. The official also cautioned that the US would not move first in cutting its import duties on Chinese goods.

The dollar has recovered since hitting a three-and-a-half-year low of $1.1572 per euro. However, during the Asian trading session, the US currency faced a little selling and settled at around $1.133 per euro.

ING strategist Francesco Pesole highlights that global trade news does not affect any currency as much as the dollar. The balance of risks remains skewed to the downside for the greenback, he notes. 

In addition, the euro-dollar currency pair is almost entirely dependent on the dynamics of the greenback. Another leg higher above the level of 1.15 is possible in case of renewed concerns about the Federal Reserve’s independence, Pesole says.

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