Market News
Dollar hits 10-year low against Swiss franc as markets digest trade war drama - REUTERS
By Alun John and Chibuike Oguh
Summary
- Dollar hits lowest against Swiss franc since January 2015
- Data shows US inflation cooling in March
- Trump paused reciprocal duties on most nations for 90 days
- US trade war with China intensifies
- Euro makes biggest one-day jump since 2022
NEW YORK/LONDON, April 10 (Reuters) - The U.S. dollar fell against its major peers on Thursday, hitting a 10-year low against the safe-haven Swiss franc, as markets digested President Donald Trump's dramatic reversal on tariffs.
Trump stunned financial markets on Wednesday by walking back steep duties on trading partners that had gone into effect less than 24 hours earlier. Trump granted a 90-day freeze on so-called "Liberation Day" tariffs but maintained a 10% blanket duty on most countries.
Tariffs on Chinese imports, however, were raised to 125% with immediate effect after China retaliated against previous U.S. duties with an 84% tariff rate. Total U.S. duties on Chinese imports are now 145% in addition to the new tariffs, according to the White House.
The U.S. dollar rebounded against the safe-haven Swiss franc and Japanese yen on Wednesday, while Wall Street's main stock indexes leaped as the tariff reprieve brought some relief to investors.
But traders were readjusting their positions on Thursday, with the dollar dropping 2% to 144.795 yen and 3.6% versus the Swiss franc to 0.82635 . The benchmark S&P 500 (.SPX) indexes fell sharply. Advertisement · Scroll to continue Report This Ad The dollar has fallen 3.46% against the yen and nearly 6.5% against the Swiss franc so far this month. It is on track for the biggest one-day lo
