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The dollar slumped on Trump calls for immediate rate cut

By Rana Gharib
27 Jan,2025
The dollar slumped on Trump calls for immediate rate cut

The greenback dipped on Friday, following US President Donald Trump's statement signalling a push for lower interest rates, the euro rallied on robust economic activity figures.

The dollar index that gauges the greenback versus its major pairs dipped 0.6% to 107.205, below over 1% this week.

The dollar weakened on Friday after President Trump, addressing the World Economic Forum in Davos virtually, announced plans to push Fed for rate cut.

The US dollar has been under pressure this week as the expected tariff announcements from Trump did not happen following his inauguration.

EUR/USD added 0.8% to 1.0500, driven by stronger-than-expected PMI data for January, the Eurozone returned to growth, bolstering sentiment.

GBP/USD rose by 0.7% to 1.2436, supported by strong January PMI figures came in stronger than expected, bolstering hopes of progressive economic rebound.

USD/JPY slumped 0.5% l to 155.23, following the Bank of Japan's 25 basis point interest rate hike earlier on Friday, it projected that inflation will remain stable and near its annual target in the coming years.

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