The US Dollar remained stable as traders assessed new trade developments, particularly President Trump's proposed tariffs on automobiles and oil from Venezuela. These changes introduce additional risk and uncertainty in the market, potentially clouding the dollar's short-term outlook. Furthermore, the market is focused on upcoming GDP growth figures, which may shape expectations; weaker data could lead to a negative economic outlook for the dollar, while strong growth might enhance its value and boost market confidence.
The US Dollar traded within a narrow range on Tuesday as market participants digested fresh trade developments and awaited further economic signals.
Trump reaffirmed his intention to impose automobile tariffs and introduced a 25% tariff on countries purchasing oil from Venezuela, adding another layer of risks.
Escalating trade tensions could weigh on the dollar by raising concerns over economic stability.
Attention now turns to this week's GDP growth figures, which could play a pivotal role in guiding market expectations.
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