FX.co ★ Dollar Hits Near 6-Month Low on Trump’s Tariffs

The dollar index dipped below 103 on Thursday, reaching its lowest point in nearly six months, as traders assessed the impact of President Donald Trump's extensive tariff actions. On Wednesday evening, Trump unveiled an ambitious tariff plan aimed at overhauling US trade relationships. This plan entails a 10% baseline tariff on all imports, with significantly higher rates for major trading partners such as China (34%), the European Union (20%), and Japan (24%). Moreover, an immediate 25% tariff was imposed on all foreign-manufactured automobiles. In the realm of economic data, recent reports present a mixed scenario. The ADP report disclosed a robust 155,000 increase in private-sector jobs for March, exceeding expectations. However, the JOLTS report indicated a decline in job openings to 7.57 million, suggesting a potential deceleration in the labor market. Investors are now focusing on the upcoming nonfarm payrolls report due Friday, which could shed additional light on the Federal Reserve's forthcoming policy decisions.