Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Investing.com-- Most Asian currencies were largely muted on Thursday as investors digested fresh trade tariff salvos from U.S. President Donald Trump, while uncertainty over the Federal Reserve’s rate outlook further contributed to marginal moves.
The US Dollar Index, which measures the greenback against a basket of major currencies, fell 0.1% in Asia hours, extending mild losses.
US Dollar Index Futures were trading 0.2% lower.
Trump announces copper tariffs, hikes duties on Brazil
President Trump on Wednesday announced a 50% tariff on copper imports, effective Aug 1, claiming that the measure was aimed at boosting the domestic copper industry.
Earlier on Wednesday, he also announced that the reciprocal tariff on Brazil would rise to 50% from 10%.
Lula responded, warning that any new tariffs would be met with retaliatory actions.
Trump has started sending tariff letters to key trading partners this week, and has already announced 25% duties on goods from South Korea and Japan, among others.
While recent tariff threats have had a limited impact on broader markets, traders remain wary of potential future trade escalations.
The South Korean won’s USD/KRW edged down 0.1%, while the Japanese yen’s USD/JPY was largely unchanged.
Both the onshore USD/CNY and offshore USD/CNH Chinese yuan pairs remained largely muted.
The Singapore dollar’s USD/SGD pair also traded flat, while the Indian rupee’s USD/INR pair ticked down 0.1%.
The Australian dollar’s AUD/USD pair gained 0.1%.
Fed minutes dull July rate cut expectations
Just a few Fed officials at the June 17–18 meeting backed a rate cut this month, while most remained concerned about inflation risks from Trump’s tariff-driven trade policy, according to the minutes of the meeting released on Wednesday.
The majority of policymakers expect rate cuts to be appropriate sometime later this year.
“The dollar has struggled to find clear direction as a result, with the Fed narrative remaining the dominant driver for FX,” ING analysts said in a recent note.
“While tariff decisions have influenced – and will continue to influence – the Fed, markets are now more focused on incoming data, given the volatility and unpredictability of US trade policy,” they added.