2 days Ago
On Monday, the currency market saw a dramatic shift as investors veered away from the dollar, diverting towards traditionally safe havens such as the yen and Swiss franc after U.S. President Donald Trump's latest tariffs.
The shocking move by the American administration escalated fears of an impending global recession, prominently affecting the U.S. Significant losses were noted in pro-growth currencies, notably the Australian and New Zealand dollars, amidst the tumultuous market.
Last week alone, nearly $6 trillion vanished from U.S. stocks, with reactions most visible in Australian and New Zealand currencies hitting unprecedented lows.
China countered by imposing additional tariffs on U.S. goods, intensifying the financial standoff.
Meanwhile, the U.S. dollar's standing as a safe haven asset appears to decline amidst tariff uncertainties.
Analysts advocate expected Federal Reserve rate cuts to prevent further economic setbacks. (With inputs from agencies.).
