The dollar index held around 108.1 on Wednesday, maintaining recent losses amid lingering uncertainty over U.S. President Donald Trump's tariff plans. Trump indicated on Tuesday that he was considering a 10% tariff on Chinese imports, which would kick in on Feb. 1, just one day after threatening Mexico and Canada with tariffs of around 25%. However, none of those threats have been translated into action, fueling hopes that the administration could take a more cautious approach to tariffs, which could help reduce inflation risks. The dollar has been on an upward trajectory since October,...
The Australian dollar (AUD) remained weak against the US dollar (USD) on Wednesday (1/22). The AUD/USD pair faced headwinds as US President Donald Trump announced that his administration is considering imposing a 10% tariff on Chinese imports starting February 1. The move is reportedly related to concerns over fentanyl shipments from China to Mexico and Canada, according to Reuters. Trump said earlier, "If we make a TikTok deal and China doesn't agree to it, we could probably put tariffs on China." The comments followed the signing of an executive order that delayed the TikTok ban for 75...
Gold rose near $2,750 an ounce on Wednesday (22/1), extending gains of more than 1% from the previous session to hit its highest since early November. The precious metal was supported by a relatively weaker U.S. dollar and increased demand for safe-haven assets, as trade war concerns persisted following President Trump's announcement of potential tariffs. Trump vowed to impose tariffs on the European Union and reiterated his consideration of 10% tariffs on China, following earlier remarks about the prospect of imposing hefty levies on Canada and Mexico. Meanwhile, traders continued to...