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US President Donald Trump’s administration said that it will revoke the temporary legal status of more than half a million migrants from Cuba, Haiti, Nicaragua and Venezuela, per BBC.  Those migrants have been warned to leave the United States before their permits and deportation shields are canceled on 24 April. The revocation might lead to some short-term disruption in the labor market, especially in industries that depend significantly on immigrant labor, such as agriculture, construction, hospitality, and healthcare. It is likely to lead therefore to higher wages, if basic supply and demand economics holds Trump is also considering whether to cancel the temporary legal status of some 240,000 Ukrainians who fled to the US during the conflict with Russia. Market reaction  At the time of press, the US Dollar Index was down 0.13% on the day at 104.00. 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…

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Filed under: News - @ March 24, 2025 12:18 am