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Dollar declines as investors await progress in trade talks

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Apr 2025 01:17
2 Min Read

Vice President JD Vance stated on Tuesday that there is a strong possibility the US and UK can reach a "great agreement" on trade, while agreements with China and the European Union are anticipated to take longer to complete. 

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  • Dollar declines as investors await progress in trade talks
    A currency exchange bureau worker counts US dollars at Ferdowsi square, Tehran's go-to venue for foreign exchange in downtown Tehran, Iran, on April 5, 2025. (AP)

The dollar fell further on Wednesday, with safe-haven and risk-sensitive currencies outperforming the greenback as traders waited to see if US President Donald Trump's administration would achieve new trade agreements with allies.

The dollar fell last week owing to fears about the economic effect of additional tariffs, and investors were transferring their allocations offshore due to uncertainties about the unpredictable implementation of the trade levies.

The US is in talks with other nations, including Japan, as tensions between China and the United States rise.

Vice President JD Vance stated on Tuesday that there is a strong possibility the US and UK can reach a "great agreement" on trade, while agreements with China and the European Union are anticipated to take longer to complete. 

Trump on Tuesday ordered an investigation into potential additional tariffs on all essential mineral imports from the US in an effort to put pressure on industry leader China.

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China rejects Trump's accusations, says US 'undermining' trade truce

Trump to raise steel and aluminum tariffs to 50%

Federal Reserve Chair Jerome Powell stated on Wednesday that US economic growth looks to be slowing, with consumer spending rising moderately, a rush of imports to dodge tariffs expected to weigh on GDP estimates, and morale deteriorating.

Powell also stated that hopes that the US central bank may intervene to reduce market volatility are likely unfounded.

Retail sales in the United States increased in March, according to figures released on Wednesday, as consumers increased their purchases of vehicles in anticipation of tariffs.

The euro was recently up 0.84% on the day at $1.1376, just below a three-year high of $1.1473 set on Friday.

The dollar fell 0.71% to 142.22 Japanese yen after earlier touching 142.03, dropping slightly below Friday's low to its lowest level since September 30.

The dollar was recently down 1% versus the Swiss franc at 0.815, only slightly higher than Friday's 10-year low.

Since the April 2 tariff announcement, the franc has risen the most among G10 currencies, and the resultant disinflationary effect may force the Swiss National Bank to return interest rates to negative levels.

  • Dollar
  • United States
  • USD
  • US dollar
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  • China
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