Industry Insights
Dollar Strengthens Amid Trade Tensions and Economic Resilience
The dollar started the month on a strong note, driven by internal and external factors in a week packed with crucial economic data on both sides of the Atlantic. Domestically, Donald Trump's recent warning of imposing a 100% trade tariff on BRIC nations if they move to replace the greenback, added pressure to the currency markets, lifting U.S. treasury yields across all maturities. In addition, a resilient U.S. economy has also supported the dollar. Investors are now cautiously awaiting upcoming key economic data, including the ISM PMI, ADP and Nonfarm Payrolls scheduled for this week. Furthermore, speeches by several Fed officials, including Chair Jerome Powell on Wednesday, will be closely monitored. Robust economic data, coupled with a less dovish monetary policy stance, could sustain the dollar’s upward momentum. Externally, the ongoing political turmoil in France and the upcoming European economic data have heightened uncertainty regarding the region’s economic stability, weighing down on the Euro. This uncertainty could demand for other major currencies, further fuelling the dollar’s appeal.
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