Movements of the dollar against major currencies
The US dollar fell on Wednesday as concerns about the US economic repercussions of President Trump's tariffs continued, as questions are now being raised about the US exceptionality and credibility as a reserve currency.
The US dollar had a hard time maintaining yesterday's slight gains, especially with the franc, euro and yen rising, and the pound sterling rising to a 6-month high as the focus turned to concluding trade agreements with the United States.
EUR/USD
The euro saw further rises today near the 3-year highs reached last week.
USD/CHF
The Swiss franc was the biggest winner among the currencies of the group of ten since Donald Trump announced the liberalization day fees, and it also rose today against the dollar near its highest levels since September 2011, as the Swiss franc is considered a safe haven currency so we see a strong momentum for the Swiss currency currently.
USD/JPY
The dollar-yen pair also retreated today near a 6-month low, as the yen is also considered a safe haven currency.
The talks that begin later on Wednesday between Japanese Economy Minister Ryusei Akazawa and Treasury Secretary Scott Besant may have the greatest impact on foreign exchange markets, as there is speculation of a trade agreement between the two countries today, which may give more strength to the Japanese yen against most currencies.
GBP/USD
The British pound rose against the dollar today to a 6-month high of 1.3290, as Britain escaped the most punitive US tariffs, and US Vice President J. D. Vance spoke about the prospects for a trade agreement.
USD/CAD
The Central Bank of Canada is meeting today, and the markets are still unsure whether policymakers will lower interest rates or keep them, and the most likely so far is to hold them at 2.75%.
