The Dollar's Upside Correction Stalls

2025-07-10 07:45:00 ET

Overview

The continued release of US tariff announcements shapes the near-term considerations. Of the surprises, the 50% tariff on Brazil (10% on April's "Liberation Day") is among the most egregious. The US has a trade surplus with it and the letter made clear a personal animosity over the treatment of former President Bolsonaro. After having achieved retracement targets of the slide since the June 23 tirade against Fed Chair Powell, the dollar has softer against most currencies today. Among the G10, the Swiss franc is the only one struggling to achieve traction. The Polish zloty, Turkish lira, and Taiwanese dollar are showing small losses. The Mexican peso is slightly better than flat....

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