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It’s tough luck for the dollar as it got kicked when it is down, after US president Trump said earlier this week that the currency is “doing great” and that “I don’t think the dollar has declined too much”. That kind of endorsement speaks volumes and it won’t help to turn around the deteriorating sentiment in the greenback since last year.The main drivers beating down the dollar are all still in play. Incoherent trade policy and tariffs approach? Check. Erratic and uncertain geopolitical policy administration? Check. Federal Reserve independence being undermined? Check. Currency debasement flows amid rising fiscal concerns globally? Check.Those are just some key reasons why the dollar is being dragged to the depths of the ocean since last year already. And all of that is still in play this year.So far today, the pressure is back on with EUR/USD rising up 0.3% to 1.1990 and taking another look at the key 1.2000 mark. This week’s levels are still the highest since June 2021 for the currency pair. Meanwhile, USD/CHF is back down by 0.4% to 0.7650 and eyeing fresh 15-year lows again. And following a hot Australian inflation report yesterday, AUD/USD is up 0.7% today to 0.7090 now – its highest in two years.And all of this is not even coming close to the biggest and most significant mover today, that again being precious metals. Gold is up 2.5% today and over 11% this week to $5,555 currently with the high earlier coming close to clip the $5,600 mark. It’s wild that at the end of last week, we were still talking about whether $5,000 would be the limit. And suddenly, here we are. Once again, it speaks to the trading truth that it is a fool’s errand to be calling tops and/or catching falling knives.Meanwhile, silver is also up over 1% to a fresh record above $118. Unrelenting.
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
So Trump’s recent comments on the dollar might seem supportive, but here’s the kicker: they could actually signal a lack of concern about its weakening. When a president feels the need to publicly declare the dollar’s strength, it often means the opposite is true. Traders should be wary—this could lead to further volatility in forex markets, especially if economic indicators don’t align with his optimism. Look at the broader context: the dollar index has been under pressure due to rising inflation and interest rate uncertainties. If the dollar continues to weaken, it could trigger a flight to safer assets like gold or even cryptocurrencies, which have historically benefited in such scenarios. Keep an eye on key support levels for the dollar index; a break below recent lows could accelerate selling pressure. Conversely, if the dollar manages to hold its ground, it might attract short-covering from those betting against it. Here’s why this matters: if you’re trading forex, watch for any shifts in sentiment around the dollar, especially as we approach upcoming economic data releases. They could provide the catalyst for a significant move in the market.
📮 Takeaway
Monitor the dollar index closely; a break below recent support could lead to increased volatility and a shift towards safe-haven assets.
