- Supreme Court ruling limiting the administrationโs ability to unilaterally impose tariffs
- Trumpโs immediate announcement of a new 15% global tariff
- Uncertainty surrounding tariff refunds and potential legal disputes
- Perceived support for growth outside the US
- Ongoing fiscal and political uncertainty in the United States
- Low liquidity in Asia amplifying currency moves
- Supreme Court ruling limiting the administrationโs ability to unilaterally impose tariffs
- Trumpโs immediate announcement of a new 15% global tariff
- Uncertainty surrounding tariff refunds and potential legal disputes
- Perceived support for growth outside the US
- Ongoing fiscal and political uncertainty in the United States
- Low liquidity in Asia amplifying currency moves
The US dollar started the week under pressure after the US Supreme Court invalidated a significant portion of the tariff system introduced by former President Donald Trump based on emergency powers. Initially, the ruling was perceived as positive for global growth — as it limits unilateral US trade actions — however, Trump quickly responded by announcing a new, uniform 15% global tariff rate based on a different legal foundation. The message for markets was clear: legal tools may change, but the policy direction remains the same.
Technically, the dollar index (DXY) is attempting to stabilize after testing the 96-point area, but it remains in a broader consolidation.
The combination of legal uncertainty and the continuation of restrictive trade policy triggered a broad sell-off in the dollar. Investors began reassessing the US bargaining position in trade, fiscal implications, and the risk of prolonged legal disputes regarding potential tariff refunds. With markets in Japan and China closed, limited liquidity further amplified FX moves — EURUSD is gaining nearly 0.30% to 1.1830, while USDJPY is down 0.25% to 154.5580. The market reaction reflects not only trade headlines, but also renewed discomfort over the unpredictability of US policy.
At the same time, safe-haven assets gained, while riskier market segments came under pressure. Gold rose to its highest level in three weeks, oil declined due to demand concerns despite the resumption of US–Iran talks, and the cryptocurrency market experienced strong position liquidations.
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