Dollar falls as traders assess impact of US tariffs

The dollar fell on Friday, while the safe-haven yen rose and headed for a six-month high, as traders assessed the impact of sweeping new tariffs imposed by US President Donald Trump.

The dollar’s slide toward a six-month low against the euro comes ahead of a key monthly US jobs report later in the day, which will provide clues about the strength of the economy and expectations for monetary easing.

The shock waves from Trump’s higher-than-expected tariffs were still reverberating through markets more than 24 hours after their announcement, according to Reuters.

Stocks were hit hard by the selloff as investors fled to safe-haven assets such as bonds and gold amid fears that a full-blown trade war could lead to a global slowdown and rising inflation.