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Barchart
Barchart
Rich Asplund

Dollar Jumps and Gold Soars to a Record High on Trump Tariffs

Donald Trump Gold ECB Simkus United States Canada Mexico ECB Governing Council

The dollar index (DXY00) today is up by +0.90% and posted a 3-week high.  The dollar jumped today after President Trump imposed 25% tariffs on goods from Canada and Mexico and a 10% tariff on Chinese goods, effective Tuesday.  The dollar also found support on today’s plunge in the Canadian dollar to a nearly 22-year low.  In addition, today’s slump in stocks has boosted liquidity demand for the dollar. Gains in the dollar accelerated after today’s US ISM manufacturing and construction spending reports were stronger than expected.

The US Jan ISM manufacturing index rose +1.7 to 50.9, stronger than expectations of 50.0 and the highest level in 2-1/3 years.

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