Tariffs are once again in focus, with India facing a 50% tariff hike and China possibly next in line. Trump also announced a 100% tariff on imported chips, impacting US tech companies with Asian manufacturing sites. Equities are rallying despite the news, but the dollar is weakening across the board.

The BoE is expected to cut rates today, with the pound’s performance dependent on the degree of dovishness. Meanwhile, Fed Chair Powell supports a September rate cut amid renewed tariff uncertainty. Fedspeak points to a potential rate cut next month, contributing to the dollar’s weakness.

Read more at Investing.com: US Dollar Slides as Trump’s Tariffs Stoke Global Trade Uncertainty