The U.S. dollar weakened against several major currencies on Monday, as markets braced for the expiration of a 90-day deadline set by the U.S. administration to impose stricter tariffs on trade partners. This looming policy shift has heightened market volatility, pushing the dollar closer to multi-year lows amid growing uncertainty over future trade agreements. Currency Market Highlights: The dollar edged down against the Swiss franc to 0.7949, approaching its lowest level since January 2015 at 0.7869. The euro slipped by 0.2% to 1.1767, staying close to its September 2021 high of 1.1829. The British pound dropped 0.3% to 1.3615, just below its recent peak of 1.3787 recorded in early July. The dollar rose 0.3% versus the Japanese yen, climbing to 145.04 and partially recovering from previous losses. The U.S. dollar index, which tracks the greenback against a basket of major currencies, rose 0.2% to 97.145—still above last week's low of 96.373, the weakest level in nearly three and a half years. Drivers Behind the Decline: Currency movements reflected heightened investor caution ahead of new tariffs expected to take effect on Wednesday, following the end of the 90-day grace period. These tariffs will impact most of the United States' key trading partners, with full implementation scheduled for August 1. Despite the market’s partial pricing-in of the tariff measures, uncertainty over the scope and impact of pending trade deals continues to weigh on risk sentiment. Only three countries—the UK, China, and Vietnam—have concluded trade agreements with Washington so far, leaving a broad swath of nations facing potential tariff hikes. The dollar’s decline reflects a cautious global sentiment as markets anticipate the outcome of U.S. trade decisions. Although the proposed tariff hikes are largely expected this time, any official confirmation or deviation could prompt swift reactions in the FX markets. Expectations of a possible extension to the deadline have tempered some of the bearish pressure, but volatility remains elevated. With traders awaiting official announcements on the list of countries subject to the new tariffs, currency markets are likely to remain reactive in the days ahead.
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