Forex News: U.S. Dollar Weakens As Investors Await Trump's Tariff

U.S. Dollar Weakens As Investors Await Trump's Tariff Plan

(RTTNews) - The U.S. dollar dropped against its most major counterparts in the New York session on Wednesday ahead of the Trump administration's reciprocal tariff announcement later in the day.

Trump is scheduled to announce the new tariffs in a Rose Garden event at 20:00 GMT, with White House press secretary Karoline Leavitt indicating the new levies will be "effective immediately."

A report from Bloomberg said Trump's team is still finalizing the level and scope of the new import taxes he is slated to unveil.

Citing people familiar with the ongoing discussions, Bloomberg said the White House has not reached a firm decision on their tariff plan and continued to hash out their options in meetings on Tuesday.

Data from payroll processor ADP showed that private sector employment in the U.S. increased by more than expected in the month of March.

ADP said private sector employment jumped by 155,000 jobs in March after climbing by an upwardly revised 84,000 jobs in February.

Economists had expected private sector employment to grow by 105,000 jobs compared to the addition of 77,000 jobs originally reported for the previous month.

The greenback fell to a 6-day low of 1.2981 against the pound and near a 2-week low of 1.0872 against the euro. The currency is poised to challenge support around 1.31 against the pound and 1.10 against the euro.

The greenback dropped to a 2-day low of 0.8815 against the franc, from an early 2-day high of 0.8848. The currency may challenge support around the 0.86 level.

The greenback declined to 6-day lows of 0.6313 against the aussie and 0.5747 against the kiwi in the previous session and held steady thereafter. The greenback closed yesterday's deals at 0.6276 against the aussie and 0.5700 against the kiwi.

The greenback eased to 1.4296 against the loonie. This may be compared to an early 5-day low of 1.4289. The currency is seen finding support around the 1.37 level.

In contrast, the greenback climbed to a 2-day high of 150.25 against the yen. If the currency continues its uptrend, 152.00 is possibly seen as its next resistance level.

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