The dollar index trimmed early gains to trade flat around 102 on Friday, hovering near six-month lows after a sharp 1.7% drop the previous day, as traders weighed escalating trade tensions.
China's finance minister announced a 34% tariff on all US imports, matching the levy imposed by President Trump on Wednesday. Rising concerns over the economic fallout, including higher prices, slower growth, and a potential recession, have fueled speculation of more aggressive Federal Reserve rate cuts.
Traders now see a 50% chance of four 25bps cuts this year, up from three earlier in the week, with the first expected in June. For the week, the dollar is down about 1.9%.
Source: Trading Economics
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