The dollar wrapped up its worst week in 14 months as currency traders grapple with lots of tariff talk, with no real action, from President Donald Trump.
The Bloomberg Dollar Spot Index closed 1.6% lower from last Friday — the steepest one-week drop since November 2023, when the Federal Reserve reached the end of a monetary policy tightening cycle. The world’s reserve currency extended losses late Thursday after Trump appeared to soften his stance on tariffs against China.
Trump’s threats against major US trading partners including Canada and Mexico have roiled markets, but so far actual executive orders to immediately levy specific tariffs have yet to be signed. He has ordered the Treasury and Commerce departments to study current trade relations and report findings by April 1.
To Matthew Hornbach, Morgan Stanley’s head of macro strategy, investors had been hesitant to sell dollars in the leadup to the inauguration in …
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