Dollar, towards the fifth consecutive monthly decline - Court decisions on tariffs and fiscal debt, the main causes
The US dollar faltered on Friday, heading for a fifth straight monthly decline, as traders braced for further uncertainty around trade policy and the US fiscal health.
The dollar had a volatile week, ending lower in the previous session after a federal court temporarily reinstated President Donald Trump's tariffs. The ruling came just a day after a lower court ordered an immediate freeze on the duties.
Trump officials also stated that they could use other presidential powers to ensure the tariffs go into effect.
Uncertainty over tariffs has added to the pressure on markets, as investors are fleeing U.S. assets in search of alternatives, worried that Trump's erratic policies could challenge the strength and performance of U.S. markets.
"The court's decision marks the beginning of a new source of uncertainty rather than the total closure of another," financial analysts say.
On Friday, the euro hit $1.1378 ahead of German inflation data for May, while the Swiss franc was little changed at 0.8225 per dollar. However, the U.S. currency is heading for a monthly decline against the Swiss franc, the euro and the pound.
Weekly jobless claims and economic growth data did not ease concerns of a US economic downturn.
Discontent over fiscal debt levels in developed economies, highlighted by weak appetite for long-term credit in the US and Japan, has also had its impact.
The dollar index, which tracks the greenback against a basket of six major currencies, was 0.16% higher at 99.416. The index had been forecast to fall 0.25% in May, its fifth straight month of decline.
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