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US President Donald Trump’s administration late Wednesday plans to rescind a climate rule adopted by the administration of former President Joe Biden requiring states to measure and set declining targets for greenhouse gas emissions from vehicles using the national highway system, per Reuters.  Last week, Trump took aim at electric cars, withdrawing Biden’s 2021 executive order that sought to ensure that half of all new vehicles sold in the United States by 2030 were electric.  Market reaction At the press time, the DXY is down 0.06% on the day to trade at 107.89. US Dollar FAQs The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which…

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Filed under: News - @ January 30, 2025 1:23 am