Dollar Slides against Sterling, Euro Amidst Tariffs Exemptions
In the forex market, the US dollar fell against its major trading partners amidst President Donald Trump’s tariffs confusion. The U.S. has postponed implementation of reciprocal tariffs with countries except China.
In a latest move, Trump has also announced temporary exemptions on key tech products — including semiconductors and smartphones — from the latest round of tariffs on Chinese imports.
However, the U.S. administration later clarified that these items remain subject to existing 20% fentanyl-related tariffs, and a new special tariff targeting semiconductors and electronics is set to take effect in about a month.
A quick summary of foreign exchange activity showed that USDEUR rose to 1.1388 from 1.1348 at the Friday US close and 1.1361 at the same time Friday morning.
There is no Eurozone data due to be released Monday. The next European Central Bank meeting is scheduled for Thursday, when a 25 basis point rate reduction is expected.
GBPUSD rose to 1.3197 from 1.3078 at the Friday US close and 1.3086 at the same time Friday morning. There is no UK data on Monday’s schedule. The next Bank of England meeting is scheduled for May 8.
USDJPY fell to 143.1462 from 143.5132 at the Friday US close but was above a level of 142.7583 at the same time Friday morning. Japanese industrial production rebounded less than expected in February, according to data released overnight. The next Bank of Japan meeting is scheduled for April 30-May 1.
USDCAD fell to 1.3850 from 1.3882 at the Friday US close and 1.3901 at the same time Friday morning.
Canadian motor vehicle sales and wholesale sales data for February are due to be released. The next Bank of Canada meeting is scheduled for Wednesday, when no change in interest rates is expected. #Dollar Slides against Sterling, Euro Amidst Tariffs Exemptions CBN Defends Naira with $39m in Forex Market
