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Asian currencies posted modest gains on Monday as the U.S. dollar extended losses, driven by President Donald Trump’s decision to delay steep tariffs on the European Union. The U.S. Dollar Index dropped 0.3% during Asian trading, hitting its lowest level in over a month, while Dollar Index Futures mirrored the decline.
The greenback’s weakness followed Trump’s announcement on Sunday to postpone the imposition of 50% tariffs on EU imports from June 1 to July 9. The move came after a phone call with European Commission President Ursula von der Leyen, with both leaders agreeing to accelerate trade negotiations. Ongoing uncertainty over U.S. trade policy, a hallmark of Trump’s administration, kept investors cautious.
Pressure on the dollar also mounted last week after the U.S. House narrowly passed Trump’s tax-cut bill, which now awaits a Senate vote. The Congressional Budget Office estimates the bill could add roughly $3.8 trillion to the national debt over the next decade, further dampening dollar sentiment.
In response to the weaker dollar, the Chinese yuan rose, with the USD/CNY pair dipping 0.1% to a six-month low. The Japanese yen also strengthened slightly, with USD/JPY falling 0.1%. Other regional currencies followed suit: the Australian dollar gained 0.3%, while the Singapore dollar appreciated 0.3%. The Malaysian ringgit climbed 0.5%, the Indian rupee improved 0.2%, and the South Korean won edged up 0.1%.
However, gains across Asia remained limited due to ongoing trade tensions. Media reports noted that Japanese officials will travel to Washington in early June for another round of trade talks, keeping markets on alert.
Investors remain watchful as trade developments and U.S. fiscal policy continue to drive currency movements across the region.
