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US Dollar Index (DXY) Slides To Mid-107.00s, Hits Fresh Monthly Low On Trump's Tariff Statement
Friday, 24 January 2025 15:11 WIB | US DOLLAR |DOLLAR

The US Dollar Index (DXY), which tracks the greenback against a basket of currencies, fell for the second straight day and dropped to a fresh monthly low during the Asian session on Friday (1/24). The index is currently trading around the 107.80 region, down nearly 0.35% for the day, and remains on track to post a second straight week of losses.

The market has been pricing in the possibility that the Federal Reserve (Fed) will cut borrowing costs twice this year amid signs of inflationary pressures in the US. Moreover, US President Donald Trump, speaking remotely at the World Economic Forum in Davos, said on Thursday that he would apply pressure to lower interest rates. This, in turn, was seen as a major factor that weakened the USD. Meanwhile, Trump said earlier on Friday that his talks with Chinese President Xi Jinping were cordial and that he could reach a trade deal with China and would prefer not to use tariffs. This eased concerns that Trump's protectionist policies could boost inflation and supported prospects for further policy easing by the Fed, which triggered a modest pullback in the US Treasury yields and weighed on the dollar.

Furthermore, an aggressive rate hike by the Bank of Japan (BOJ) provided a strong lift to the Japanese Yen (JPY) and exerted additional pressure on the greenback. Moreover, a generally positive tone around equity markets further dented the greenback's safe-haven status and contributed to the intraday downtick. Traders now look forward to the release of US PMIs for a fresh impetus later during the US session. (AL)

Source: FXstreet

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