The US dollar saw a major selloff on Monday, falling more than 1% following the announcement of a “comprehensive tariff” plan by the new US administration. Investors are wondering whether this could signal the start of a trend similar to 2017, when the dollar fell steadily during the first year of Trump’s presidency.
However, analysts at Bank of America Group believe there is not enough evidence to declare a downtrend for the US dollar.
The immediate market reaction sent the DXY index, which measures the dollar against a basket of other major currencies, down to 108. This level is considered a short-term equilibrium for the dollar, especially after the hawkish stance taken by the Federal Open Market Committee (FOMC) in December 2024.
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