Dollar Stabilizes After Yesterday's Shellacking But Finds Little Traction

2025-06-27 07:20:00 ET

Overview

The US dollar has steadied today after yesterday's shellacking that saw it fall to new multiyear lows against the euro and sterling and 10-year lows against the Swiss franc. The news stream is somewhat more supportive today, with trade deals said to be in the works, in addition to the confirmation/clarification of an agreement with China. The US got an exemption from the OECD's Pillar 2 corporate tax reform, and the onerous "revenge tax" of Section 899 of the budget proposal will be dropped. There is talk that the postponement of the so-called reciprocal tariff may be extended for the current deadline of July 9. While the greenback has steadied, it has found little traction and remains largely pinned near yesterday's lows....

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