The US dollar index tumbled about 2% to 101.8 on Thursday, marking its steepest single-day drop in over two years and hitting a six-month low, as traders reacted to President Trump's latest tariff announcement.
On Wednesday, Trump unveiled a baseline 10% tariff on all imports, set to take effect on April 5, with around 60 countries facing even steeper levies—54% for China, 20% for the EU, and 46% for Vietnam. Both China and the EU have already pledged retaliation, fueling concerns over a potential US recession and rising inflationary pressures.
In response, traders increased their bets on Federal Reserve rate cuts, now pricing in three to four quarter-point reductions this year—up from three on Wednesday—with the first cut likely in June. On the data front, the Challenger report showed that US companies cut the most jobs since 2020 in March, largely due to the DOGE layoffs. The jobs report due tomorrow will provide further clarity on the labour market performance.
Source: Trading Economics
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