US Dollar Slides Lower After Touching a One-Month High, Lack of Clarity on Trade Deal Weighs
The US dollar has edged slightly lower since Trump’s speech on Tuesday after he avoided sharing concrete updates on when and where the US and China were likely to sign their “Phase 1” trade deal. At the time of writing, the US dollar index DXY is trading at around 98,32.
Markets were widely expecting Trump to touch upon the issue of the trade war at his speech in the Economic Club of New York. There were also expectations that Trump could announce the postponement of tariffs on EU cars and auto parts. However, Trump did not share any such details, choosing instead to skim over how negotiations were progressing well.
The US dollar did receive a boost, helping it soar to a one-month high of around 98.42, but it has retreated lower in today’s Asian session so far. The surge in the dollar happened after Trump let on that a trade deal “Could happen soon”, although specific details were not shared.
Today’s focus is likely to shift towards Fed Chairman Jerome Powell who is scheduled to testify before a congressional committee. Meanwhile, the US dollar could also be impacted by Trump’s impeachment inquiry as the first public hearings related to it are due to start today as well.
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