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The U.S. dollar weakened against other major currencies in the European session on Wednesday, amid speculation that the U.S. Federal Reserve may need to speed up rate cuts and also on fears of a potential U.S. recession.
The White House said that it expects 104 percent tariffs in China to go into effect on Wednesday, when Trump's other "reciprocal tariffs" are also set to take effect. Concerns fueled by the tariffs war between the U.S. and China, led to the downturn of USD.
Recession fears and trade war tensions have risen again as the European Commission is contemplating retaliatory tariffs of up to 25% on U.S. exports worth over 22 billion euros.
In the European trading today, the U.S. dollar fell to more than a 7-month low of 0.8382 against the Swiss franc and a 2-day low of 1.2864 against the pound, from early highs of 0.8467 and 1.2776, respectively. The greenback may test support near 0.82 against the franc and 1.32 against the pound.
Against the euro and the yen, the greenback dropped to 5-day lows of 1.1090 and 144.58 from early highs of 1.0972 and 145.94, respectively. If the greenback extends its downtrend, it is likely to find support around 0.82 against the franc, 1.32 against the pound, 1.11 against the euro and 142.00 against the yen.
Looking ahead, U.S. mortgage approvals data, U.S. EIA crude oil data and U.S. FOMC minutes of its latest meeting are slated for release in the New York session.
