Since Monday, the US dollar has been under steady pressure as the market re-evaluates how hard it expects the Trump administration to go on tariffs. There's an increasing sense that they're more of a negotiating tactic than something that will be implemented. That's led to considerably less angst, helping stocks and bonds. With yields falling around 40 bps from the highs, there is ongoing downward pressure on the dollar.
For the Canadian dollar, there is a palpable sense of relief around tariffs and that's led to USD/CAD going from a 20-year high to a test of the bottom of the six-week range.
Even the pound, which slumped on the Bank of England rate cut has now recouped most of the post-decision decline.
This article was written by Adam Button at www.forexlive.com. Read More Details
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