But that's the market over the past two weeks with respect to flows regarding Trump's tariffs. There's just a struggle of confidence in the dollar at the moment on multiple fronts. After the beating yesterday, US futures are holding higher for now with S&P 500 futures up 0.7%. It's still early in the day but at least there's a bit of a breather. The dollar is also keeping steadier as such across the board.
USD/CHF is up 0.4% to 0.8162 and keeping off the recent lows just above 0.8100 for now. The pair is already tracking to its lowest since 2011, so it's tough to pick at support levels from here. For now, there is a minor base as seen above but the downside pressure remains as Trump's tariffs continue to play out.
Meanwhile, USD/JPY is seen up 0.5% to 142.57 but it's a minor relief after dipping under 142.00 overnight to its lowest since September last year. EUR/USD is also just down slightly now by 0.3% to 1.1363 on the day. And AUD/USD is down 0.5% to 0.6336 currently.
We now have to wait on more trade developments in the coming days/weeks to see if market sentiment can really turn. In particular, US-China relations remain the biggest wildcard. But with each passing day that all these tariffs remain in place, risk confidence is slowly being eroded as market players will have to factor in the consequences of the damage to the global economy.
And when we talk about risk confidence in this situation, that also ties back to the dollar.
This article was written by Justin Low at www.forexlive.com. Read More Details
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