"What the FX market is telling you, (is) that U.S. growth is going to suffer, and that U.S.-built systems are falling apart in global trade," said Adam Button, chief currency analyst, ForexLive. "The U.S. dollar was the most crowded trade in the world coming into the year. And today, the knee-jerk reaction to tariffs is to sell everything. Any trade that was crowded is thinning out, and that includes the dollar." The euro was last up 1.55% at $1.1023. The dollar fell 2.04% against the Japanese yen to 146.19 yen, and sank 2.47% on the Swiss franc to 0.8596 franc. The dollar index fell 1.58% to 102.17
Oil prices plunged, after OPEC+ agreed to a surprise increase in output the day after U.S. President Donald Trump announced sweeping new import tariffs. Brent futures fell 6.62% to $69.99 a barrel. U.S. West Texas Intermediate crude futures slipped 6.87% to $66.78 a barrel. "The economy and oil demand are inextricably linked," said Angie Gildea, KPMG U.S. energy leader. "Markets are still digesting tariffs, but the combination of increased oil production and a weaker global economic outlook puts downward pressure on oil prices - potentially marking a new chapter in a volatile market."
Gold prices trimmed losses after falling over 2% from an all-time high, as a wider market selloff triggered by U.S. President Donald Trump's import tariffs infected bullion traders. "As the market sold-off on the deleveraging pressures, the market was looking for buying opportunities on the dip," said Peter Grant, vice president and senior metals strategist at Zaner Metals. "People were selling profitable positions to cover those margins, but I think in the long run they'll continue to look for safe -havens and gold is certainly that." Spot gold fell 0.83% to $3,107.67 per ounce after scaling to a record high of $3,167.57 earlier in the session. U.S. gold futures slipped 1.27% to $3,126 an ounce.
