USD Steadies After Yesterday's Surge, But Does It Have Legs?

2025-07-16 08:15:00 ET

Overview

The dollar has steadied today after yesterday's jump. Asia and Europe do not seem to be as enthusiastic about the dollar as North America seemed to be yesterday. President Trump indicated that sectoral tariffs on semiconductor chips and pharmaceuticals could be announced as early as August 1. He also said that there will be more bilateral deals announced. The greenback is mostly a little softer against the G10 currencies, with the Scandis the notable exception, unable to find much traction. Emerging market currencies are softer except for central Europe, the Chinese yuan, and the Mexican peso. The PBOC set the dollar's reference rate higher today for the third consecutive session for the first time in two months....

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