Wall Street hits record high on trade deal hopes; UK car exports to US halve due to tariffs – as it happened
Rolling coverage of the latest economic and financial news
After hitting its lowest levels since 2022 yesterday, the US dollar has not really taken much comfort from today's trade deal optimism.
The dollar is up just 0.08% against a basket of currencies.
The US dollar hovered near three-year lows at the start of European trading on Friday, putting its index against a basket of currencies on course for weekly losses of 1.5%. The receding crisis in the Middle East that had rekindled the US currency's safe-haven appeal, combined with growing expectations of more than two Fed rate cuts this year have scuppered the dollar's recovery prospects.
Not even the headlines overnight about the White House finalizing the trade truce agreement with China and plans for 10 new deals have been able to inject much life into the flagging greenback. As things stand, the dollar, at best, is only able to halt the selloff, with a little help from some not-so-bad data.
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