US Dollar back to session's low after Trump doubles down on Canada tariffs
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, breaking to lower levels not seen since October 2024. The index trades above 103.40 at the time of writing on Tuesday just minutes United States (US) President Donal Trump lashed out at Canada by increasing steel and aluminium tariffs to 50% for Canada. The Greenback already faced headwinds earlier during the European trading session on comments from the German green coalition, who said to be back on track for an agreement on a German defense spending bill. This pushes the US Dollar (USD) lower in favor of the Euro (EUR).
On the economic data front, the US JOLTS Job Openings report for January came in higher than expected. The January number came in at 7,740,000, beating the 7,630,000 estimate. The US NFIB Business Optimism Index for February already released fell to 100.7, missing the 101 estimate and further down from the previous 102.8 reading.
Source : Fxstreet