The US dollar fell to 1.1424 against the euro, reaching its lowest point since February 2022.
The British pound sterling depreciated by 1 percent against the dollar. This change is mainly related to the escalation of a new trade war between the US and China and the risk of recession in the global economy here.
It's important to note that this happened after the US raised tariffs on Chinese goods by up to 145% and China intensified the trade conflict with retaliatory tariffs.
The depreciation of the US dollar against major currencies such as the euro and the pound indicates growing concerns among investors about the stability of the US economy.
It is known that in 2022, the dollar had strengthened against the euro because the European energy crisis and the war in Ukraine had negatively affected the stability of the euro. In 2023, aggressive interest rate policies by the US Federal Reserve further strengthened the dollar. However, recent trade wars under Trump have started to undermine confidence in the dollar.
Abdulloh Sayyid
