Forex News: U.S. Dollar Weakens On Tariff Outlook

U.S. Dollar Weakens On Tariff Outlook

(RTTNews) - The U.S. dollar declined against its major counterparts in the New York session on Tuesday amid optimism about some tariff exemptions by the Trump administration.

Trump said at an event on Monday that he "may give a lot of countries breaks" on reciprocal tariffs that are set to take effect April 2nd.

However, Trump also said he plans to impose tariffs on the automotive and pharmaceutical industries in the "very near future" and later added the lumber and semiconductor industries to his list of targets.

Trump's shift in tariff plans eased concerns over broader economic fallout and boosted risk sentiment.

Data from the Conference Board showed that consumer confidence in the U.S. deteriorated by more than expected in the month of March.

The Conference Board said its consumer confidence index tumbled to 92.9 in March from an upwardly revised 100.1 in February.

Economists had expected the consumer confidence index to slump to 94.2 from the 98.3 originally reported for the previous month.

The greenback fell to 149.54 against the yen, 0.8800 against the franc and 1.0829 against the euro, from an early fresh 3-week high of 150.94, 8-day high of 0.8848 and nearly a 3-week high of 1.0776, respectively. The currency is poised to challenge support around 147.00 against the yen, 0.87 against the franc and 1.10 against the euro.

The greenback dropped to a 1-week low of 1.4271 against the loonie, 5-day low of 0.6325 against the aussie and a 4-day low of 0.5750 against the kiwi. The currency may challenge support around 1.38 against the loonie, 0.65 against the aussie and 0.60 against the kiwi.

The greenback edged down to 1.2966 against the pound. If the currency falls further, it is likely to test support around the 1.31 region.

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