US Dollar gives up ground after China’s response on US tariffs
The post US Dollar gives up ground after China’s response on US tariffs appeared on BitcoinEthereumNews.com.
China responded to President Trump’s additional 10% tariff by applying targeted tariffs on US coal and other goods, as well as opening an antitrust case on Alphabet. US President Donald Trump agreed to a 30-day suspension on the proposed 25% tariffs on China and Mexico in exchange for border reinforcement. JOLTS Job Openings miss expectations, falling to 7.6 million from 8.09 million in November. Traders shift focus to the upcoming US NFP report, a key event for Fed’s policy outlook. The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, loses momentum on Tuesday after struggling to revisit the 110.00 level and declined below 108.00. Recent developments include President Trump’s imposition of a 10% tariff on Chinese imports, while tariffs on Canadian and Mexican goods have been paused for 30 days following negotiations. Investors are concerned that these tariffs could contribute to inflationary pressure within the US economy. Meanwhile, traders brace for Friday’s US Nonfarm Payrolls (NFP) data, which is expected to shape the Federal Reserve’s (Fed) monetary policy direction. Daily digest market movers: US Dollar softens after soft economic data, US tariffs paused President Trump has agreed to a 30-day suspension of the proposed 25% tariffs on Canadian and Mexican imports. This decision comes after Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum committed to enhancing border security measures to address concerns over illegal immigration and drug trafficking. Canada has pledged to deploy advanced technology and additional personnel along its border with the United States. The country will also initiate collaborative efforts to combat organized crime, fentanyl smuggling, and money laundering. Mexico has agreed to strengthen its northern border by deploying 10,000 National Guard members to curb the flow of illegal migration and drugs. On the data front, JOLTS…
Filed under: News - @ February 4, 2025 8:19 pm