US Dollar Weakens Amid Tariff Turmoil; GBP/USD and EUR/USD Hold Key Levels
US Dollar Weakens Amid Tariff Turmoil; GBP/USD and EUR/USD Hold Key Levels
The US Dollar Index (DXY) declined to 102.68 as markets reacted to recent tariff announcements.
An erroneous report suggesting a pause in tariffs briefly lifted the dollar, but this was quickly denied, reinforcing the dollar's weakness.
Escalating trade tensions, particularly between the US and China, have heightened recession fears, leading investors to seek safe-haven assets.
Global markets have experienced significant volatility, with major indices like the S&P 500 entering bear market territory amid tariff-induced uncertainties.
GBP/USD is trading around 1.2500, within a descending channel since October.
