The dollar index fell to the 99.5 mark on Wednesday, resuming its slide this month to the lowest in three years as aggressive tariffs by President Trump pressured the outlook on US growth.
The President launched a probe into placing tariffs on critical minerals, potentially escalating the trade war with China shortly after concessions on autos and electronics had halted the selloff in dollar-denominated assets.
Besides potential tariffs on critical minerals, the White House also maintained tariff threats on copper, pharmaceuticals, and semiconductors.
The unpredictability of trade relationships between the US and major economic partners ramped up concerns of an incoming recession among major business leaders and market players, triggering outflows to foreign markets that pressured the dollar, US equities, and US Treasury securities simultaneously.
The pressure on the dollar prevailed despite soft inflation readings from Canada, the Eurozone, and the UK.
Source: Trading Economics
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