The Dollar Fell To A Three-year Low

The reason is Trump's tariffs.

U.S. President Donald Trump's latest trade threats sent the dollar tumbling on Thursday to its lowest level in three years, as growing concerns over trade and geopolitics created fresh pressure on the currency.

As Financial Times writes, the dollar fell after the U.S. president told reporters he would send letters to trading partners outlining new tariff rates over the next few weeks as the end of the 90-day trade deadline approaches next month The move means the currency has fallen below the low it hit after Trump's "Emancipation Day" tariff blitz in early April and to its lowest level since March 2022.

"The (Donald Trump) comment certainly points to a renewed escalation of trade tensions ahead of the official deadline," said Lee Hardman, senior currency analyst at MUFG.

Although trade tensions continue to weigh on the dollar, stocks have since recovered from their April plunge, with the S&P 500 index hitting a new all-time high in recent days. Futures markets on Thursday showed the Wall Street index down 0.5 percent. Stocks also fell in Europe, with the Stoxx Europe 600 index down 0.9%.

Lower-than-expected U.S. inflation also weighed on the dollar this week, opening the way for the Federal Reserve to cut interest rates more quickly. But signals from the European Central Bank last week that it may be nearing the end of its rate-cutting cycle pushed the euro up.

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