Dollar falls, euro jumps as Trump backs off EU tariff date

The dollar index, which measures the greenback’s performance against six major currencies, fell 0.3% to 98.813 today, while the euro jumped alongside riskier currencies such as the Australian dollar, affected by US President Donald Trump’s reversal of a 50% tariff on EU imports starting June 1.

The euro rose 0.55% to $1.1418, its highest level since April.

The Australian dollar jumped 0.58% to $0.6537, a level not seen since November 25, while the New Zealand dollar rose 0.75% to $0.6031, its highest level since November 7.

The British pound also rose 0.38% to its highest level since February 2022.

The safe-haven yen and Swiss franc were generally weaker as market sentiment improved, but remained elevated against the dollar.

The dollar fell 0.24% to 142.23 yen, its lowest level this month, while against the Swiss franc it fell to a two-and-a-half-week low of 0.8193 francs.