市場分析

Dollar Bounces Back as Tariff Confusion Lingers

Amos Simanungkalit · 15 Apr132.7K 閱讀

Image Credit: MSN

The U.S. dollar held steady on Tuesday, staying near a three-year low against the euro and a six-month low against the yen, as investors continued to assess the ongoing changes in President Donald Trump's tariffs. Despite some volatility last week that caused a spike in Treasury yields, the market appeared calmer on Tuesday, though investor sentiment remained fragile.

The euro was slightly weaker at $1.1336, just below last week's three-year high of $1.1474. The dollar was also a bit weaker against the yen, trading at 142.99, staying close to the six-month low of 142.05 hit on Friday. After hitting a 10-year low against the Swiss franc last week, the dollar was 0.2% higher on Tuesday but still down nearly 8% against the franc this month, poised for its biggest drop since December 2008.

The market has been focused on the unpredictable tariff situation, with the U.S. removing smartphones and electronics from its duties on China over the weekend, which provided some relief. However, Trump's comments suggested the reprieve may be short-lived. The uncertainty surrounding Trump's tariff decisions has left investors and policymakers uncertain, contributing to the dollar's instability.

Although the market seemed calmer on Tuesday, analysts warned that the reprieve for the dollar could be temporary. Commerzbank strategist Antje Praefcke noted that each shift in Trump's stance erodes planning security and trust, which could prevent any significant recovery in the dollar as long as uncertainty persists.

The yield on the U.S. 10-year Treasury note rose 2 basis points to 4.38% after a nearly 13 basis point drop in the previous session. Last week, yields saw their biggest weekly increase in over 20 years, as questions about U.S. bonds' status as the safest assets emerged. Analysts attributed much of last week's movement to deleveraging and asset reallocation out of U.S. assets.

The more risk-sensitive currencies gained, with the British pound rising 0.1% to $1.347, the Australian dollar up 0.7% to $0.6371, and the New Zealand dollar gaining 0.71% to $0.592, nearing its highest level in four and a half months.