New York: On Thursday, the US dollar experienced an increase, moving further away from its recent 11-week lows as investors evaluated the economic landscape and the implications of tariffs following recent remarks from US President Donald Trump.
The dollar index, which gauges the performance of the greenback against a selection of currencies, rose by 0.21% to reach 106.46, while the euro declined by 0.26% to $1.0486.
In relation to the Japanese yen, the dollar saw a slight decrease of 0.04%, settling at 148.96 after dipping to 148.56, its lowest point since October 11, 2024.
The British pound appreciated by 0.09% to $1.2677. Conversely, the Canadian dollar fell by 0.9% against the US dollar, trading at C$1.43, while the Mexican peso gained 0.3% against the dollar, reaching 20.406.
The dollar faced challenges as economic indicators revealed a significant decline in consumer confidence, adding to a series of data that raised concerns about the robustness of the US economy and ongoing inflation, which in turn led to a drop in US Treasury yields.
Currently, the market anticipates 57 basis points of rate cuts from the US Federal Reserve by year-end, with the likelihood of at least a 25 basis point cut not exceeding 50% until the June meeting.
