The U.S. dollar was steady in Asian Market opening trades today but poised for its weakest monthly performance since November 2022 as erratic U.S. trade policies under President Donald Trump left the greenback vulnerable while boosting the euro, yen and Swiss franc. The White House has retreated several times on the sweeping tariffs Trump unveiled in early April that led to a global stock market meltdown and prompted investors to flee the normally safe-haven U.S. dollar and Treasury debt. Trump signed a pair of orders yesterday to soften the blow of his auto tariffs with a mix of credits and relief from other levies on materials. Trump\'s trade team also touted its first deal with a foreign trading partner, while U.S. Treasury Secretary Scott Bessent said the administration is making progress on tariff negotiations, noting that deals are forthcoming for India and South Korea. The developments helped ease some tensions as investors and companies worry about the economic fallout of the tariffs, with indications the duties will weigh on growth and could drive up inflation and unemployment. In some of the major currencies today, the euro was steady at $1.1387 after dropping 0.33% in the previous session. Sterling is at $1.3403, on course for 3.8% rise in April. The yen is also steady at 142.44 per dollar. The Indian rupee opened stronger with a gap of almost 10 paise at 85.16/17 against its previous session’s close of 85.26/27 and is expected to trade between 84.90 - 85.30 band today.
Available to subscribers only!
