The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, fell further on Friday (5/23) and erased the previous day's recovery, trading near 99.20 at the time of writing.
The fresh decline came after the House of Representatives passed US President Donald Trump's spending bill, which is now on its way to the Senate. The nonpartisan Congressional Budget Office said that the "big, beautiful bill" comes at a high price: an additional $3.8 trillion in debt to the federal government's $36.2 trillion debt over the next decade, according to Reuters.
The market, and certainly the bond market, is very concerned about these numbers. The best example is the long-term 30-year Treasury, where the yield rose to 5.15% on Thursday from 4.64% in early May, the highest in more than a year since the 5.18% seen in late December 2023. More concerns could drag the US dollar down further.
Meanwhile, President Trump revealed on his social media platform Truth Social that he is considering imposing a 50% tariff on EU goods starting June 1. Apple could face a 25% tariff on its iPhones if the models are not made in the US. Both Apple and EU equities slid lower on the news.(alg)
Source: FXstreet
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