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The U.S. dollar sank to a three-year low on Thursday as Asian currencies gained ground, fueled by political pressure on the Federal Reserve and improving regional risk sentiment. The dollar index slipped 0.2% to 0.3% during Asian trading, marking its weakest level since March 2022.
U.S. President Donald Trump intensified his criticism of Fed Chair Jerome Powell, calling for aggressive interest rate cuts. A Wall Street Journal report that Trump may name Powell’s successor earlier than expected added further pressure on the greenback, prompting speculation of a possible rate cut as soon as July. Trump stated this week that interest rates should be two to three points lower, warning that high rates could harm the U.S. economy.
The dollar's appeal as a safe haven also waned after a U.S.-brokered ceasefire between Israel and Iran appeared to be holding. Trump hinted at renewed nuclear talks with Iran next week, further supporting risk-on sentiment.
Asian currencies strengthened across the board. The Chinese yuan rose to a seven-month high after local officials suggested upcoming stimulus measures, including consumer subsidies set to launch in July. The Taiwan dollar led gains, with the USDTWD pair plunging 1%. The Japanese yen also firmed ahead of Tokyo’s inflation report, which could influence the Bank of Japan’s potential rate hike, especially following hawkish BOJ comments this week.
Meanwhile, the South Korean won, Australian dollar, Singapore dollar, and Indian rupee all appreciated, each strengthening between 0.2% and 0.4% against the weakening dollar.
With growing expectations of U.S. monetary easing and positive sentiment in Asia, traders are shifting away from the dollar and into regional currencies, signaling a potential turning point in global forex trends.
