US Dollar Struggles Amid Tariff Pressure and Trump's Calls for Fed Chair Resignation

In the news, more Trump letters will be sent targeting copper, chips, and pharmaceuticals for tariffs. The dollar is struggling to maintain recent gains, except against the yen. US equities are underperforming European stocks. The RBNZ kept rates unchanged, leading to small gains for the Antipodeans against the greenback. The dollar is facing resistance, but dollar/yen is on a strong upleg. Trump’s tariff strategy continues to impact market sentiment, with more countries expected to receive tariff letters soon. China battles deflation, with growing expectations for domestic-focused measures. Trump renews calls for Fed Chair Powell to resign. Kevin Hassett and Kevin Warsh are potential replacements. The RBNZ maintains a stable rate, matching the RBA’s decision to wait on further information before easing monetary policy.

Read more at Investing.com: US Dollar Fights an Uphill Battle Amidst Mounting Tariff Pressure