The dollar index climbed above 107.8 on Tuesday, rebounding from six-week lows as President Donald Trump ramped up his tariff threats. Trump announced plans to impose tariffs on imported computer chips, pharmaceuticals, and steel, aiming to encourage domestic production of these goods.
Traders also became more cautious as the February 1 deadline for the first round of tariffs, as previously outlined by the President, draws near.
Meanwhile, the Federal Reserve began its two-day policy meeting on Tuesday, with expectations that it will hold interest rates steady despite Trump's calls for immediate rate cuts.
Investors are focusing on the central bank's inflation outlook for signals on when the next rate cut may occur. The dollar strengthened against a range of currencies, with the biggest gains against the euro and yen.
Source: Trading Economics
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