Asia And Europe Seem Less Keen About The Dollar Than North America

2025-03-03 06:33:00 ET

Summary

• The dollar rallied in the second half of last week even as interest rates fell amid a new growth scare.
• Asia Pacific equities were mixed today. Japan, Hong Kong, and Australia rallied among the large markets.
• Europe's Stoxx 600 has rallied for the past ten weeks. It is up 10.25% year-to-date and is up about 0.5% today.

Overview

The dollar rallied in the second half of last week even as interest rates fell amid a new growth scare. The 25% tariffs on Canada (10% on energy) and Mexico, that were postponed a month ago, could be implemented as early as tomorrow. The only tariffs that have been imposed so far were 10% on Chinese imports, and another 10% threatened tomorrow, and apparently in April, too. The economic disruption that the tariffs and tariff threats seem to be creating has become a more central concern. The dollar is softer against all the G10 currencies. European currencies are leading the move, amid higher rates and stronger stocks. Emerging market currencies are mostly firmer, led by central European currencies....

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