The US dollar strengthened to its highest level in three years after Trump imposed new import tariffs, weakening the euro and yen.

The US dollar continued to strengthen and hit a nearly three-year high against major currencies after Trump announced import tariffs on several countries. The yen fell to a four-month low, while the euro continued to face pressure from a trade deal with the US.

On August 1, 2568 at 08.47:XNUMX a.m., Reuters reported that The US dollar is headed for its strongest week in nearly three years against major currencies. After Trump announced tariff increases on several trading partners

The Japanese yen hit a four-month low against the dollar. This follows Thursday's weakening after the Bank of Japan (BOJ) signaled it has no plans to raise interest rates anytime soon.

In the movement related to international trade The US dollar strengthened against the Swiss franc after President Donald Trump announced a 39% tariff on Swiss goods, higher than the previously proposed 31%, while the Canadian dollar fell to its lowest level in more than two months after the US raised its tariffs on Canada to 35% instead of the previously threatened 25%.

The euro continued to weaken, nearing its lowest level in nearly two months, as markets saw the impact of an unfair trade deal with the US. Even as Trump continued to attack Federal Reserve Chairman Jerome Powell, calling him a "terrible Fed chairman" and saying his appointment was a mistake, the dollar remained strong in the market.

Trump's repeated threats to fire Powell and calls for the Fed to cut interest rates sharply have raised questions about the central bank's independence, which has put pressure on the dollar in recent months.

Mike Hoolahan, a director at Electus Financial in Auckland. said “In the short term, the dollar can still be seen as strengthening… Most of the tax news has probably passed.”

The US dollar index, which measures the value of a currency against six major currencies. The euro, yen, Swiss franc and Canadian dollar all hit 100.10 overnight, breaking above 100 for the first time since May 29. The yen was trading at 150.64 per dollar, after hitting 150.89 on Friday morning, its weakest level since March 28. The euro was trading around $1.1420, near Wednesday's low of $1.1401, its lowest since June 10. The Swiss franc was down 0.26% at $0.8120, while the Canadian dollar was down 0.12% at $1.3872, its lowest level since May 22.

refer : www.reuters.com

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