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4w ago

Dollar Rebounds as Tariff Uncertainty Persists After USTR Signals 15%+ Levies

Unclear tariff implementation keeps currency markets fixated on policy risk.

U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration
Holograms, which show different images and colours depending on the angle at which they are viewed, are seen on the new Japanese 1,000 yen banknote as the new note is displayed at a currency museum of the Bank of Japan, on the day the new notes of 10,000 yen, 5,000 yen and 1,000 yen went into circulation, in Tokyo, Japan July 3, 2024. REUTERS/Issei Kato/Pool/File Photo
A man walks past an electronic screen displaying Japan's Nikkei share average outside a brokerage in Tokyo, Japan, April 11, 2025. REUTERS/Kim Kyung-Hoon

Overview

  • U.S. Trade Representative Jamieson Greer said some tariff rates will rise to 15% or higher from the newly imposed 10%, without naming affected partners or describing how the increases would be applied.
  • In Asian trading, the dollar index held lower near 97.59 as investors awaited tariff details and a tech-led equity rally following Nvidia’s guidance reduced safe-haven demand.
  • By Thursday U.S. hours, the dollar turned higher after weekly jobless claims came in below forecasts and a stock pullback lifted liquidity demand for the currency.
  • The Chinese yuan strengthened to its firmest levels in roughly three years, while the yen swung as BOJ board nominations initially pressured it before remarks from officials pointed to possible further tightening.
  • Fed funds futures price about a 98% probability the Federal Reserve will keep rates unchanged at its March meeting, with the 10-year Treasury yield near 4.05%.