Dollar Rises on Copper Tariff Announcement
A Bloomberg gauge of the dollar advanced 0.1% after President Trump said he may implement tariffs on copper imports within weeks. The pound extended losses after data showed UK inflation unexpectedly slowed in February.
The Bloomberg Dollar Spot Index rose 0.1%.
US President Donald Trump indicated that tariff exceptions would be tough to secure; Trump also said he may implement tariffs on copper imports within weeks.
Data on durable goods orders came in higher than expected. However, non-defense capital goods orders excluding air were lower than survey estimates.
GBP/USD dropped 0.4% to 1.2891; UK inflation unexpectedly cooled, strengthening the case for the Bank of England to cut interest rates again in May.
USD/JPY gained 0.5% to 150.72 after Kazuo Ueda indicated he aims to keep his options open ahead of the bank’s next policy meeting.
EUR/USD weakened a little to 1.0787. UD/USD rose 0.1% to 0.6312, paring earlier losses from a measure of Australian inflation unexpectedly cooling in February.
Source: Bloomberg