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The US Dollar traded within a narrow range on Tuesday as market participants digested fresh trade developments and awaited further economic signals.
On Monday, US President Donald Trump mentioned new trade policy changes that added to the uncertainty and could fuel caution among traders.
Trump reaffirmed his intention to impose automobile tariffs and introduced a 25% tariff on countries purchasing oil from Venezuela, adding another layer of risks.
This uncertain environment is likely to maintain a clouded short-term outlook for the greenback. Escalating trade tensions could weigh on the dollar by raising concerns over economic stability.
Attention now turns to this week’s GDP growth figures, which could play a pivotal role in guiding market expectations. Weaker data may prompt speculation around a weaker economic trajectory, pressuring the dollar. In contrast, strong growth figures could reinforce a positive outlook and offer renewed support to both yields and the currency.
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