The dollar index (DXY00) today is down by -0.70%. The dollar is under pressure today as the tit-for-tat trade war with China erodes confidence in the dollar after the US government barred Nvidia from selling its H20 chips to China. The US tariff turmoil diminishes the dollar's reserve-currency status and has prompted some foreign investors to liquidate their dollar assets. Losses in the dollar losses accelerated today after the WTO slashed its 2025 global trade estimate.
US Mar retail sales rose +1.4% m/m, right on expectations and Mar retail sales ex-autos rose +0.5% m/m, stronger than expectations of +0.4% m/m.
