The US Dollar experienced a slight depreciation against major currencies on Tuesday, influenced by ongoing trade tensions. Initial upward revaluation following positive Nonfarm Payrolls data and rebounding US yields has moderated. The US Dollar Index (DXY), currently trading around 103.00, is exhibiting signs of consolidation. Recent risk-off sentiment had previously exerted downward pressure on the Dollar, a trend partially reversed by the aforementioned NFP figures. The sustainability of this recovery hinges on forthcoming US economic data.
The economic calendar includes the National Federation of Independent Business (NFIB) Business Optimism Index for March. In light of prevailing tariff discussions, market participants will closely scrutinize this indicator for insights into US business sentiment. Concurrently, US Secretary Scott Bessent reported that 70 countries have expressed interest in trade negotiations, with President Trump’s direct involvement anticipated. Priority will be given to nations that have not escalated trade disputes.
In Europe, European Commission President Ursula von der Leyen has indicated a willingness to negotiate with the US regarding recently announced import tariffs. However, she also affirmed the EU’s readiness to implement countermeasures if necessary.
