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View all search resultsThe euro struggled to recoup its steep losses on Tuesday as investors sobered up to the fact that terms of the trade deal between the US and the European Union favored the former and hardly lifted the economic outlook of the bloc.
The euro fell on Friday, reversing earlier gains after US President Donald Trump said he would recommend hitting the European Union with 50 percent tariffs from June 1, reigniting investor fears over the impact of duties on the world economy and trade.
The dollar retreated slightly on Tuesday but held most of its gains on lingering optimism over a tariff deal between the United States and China, which tapped the brakes on a trade war between the world's two largest economies.
Indonesia shaved US$4.6 billion off its foreign exchange (forex) reserves in April as the government serviced foreign debts and the central bank intervened in the market to stabilize the rupiah’s exchange rate amid the tariff turmoil.
The dollar was losing ground again on Monday as a meteoric surge in its Taiwanese counterpart spilled over elsewhere, fueling speculation some Asian countries were prepared to engineer revaluations to win US trade concessions.
China's yuan on Thursday fell to its lowest value against the US dollar since the global financial crisis, with the central bank cutting guidance for the sixth successive trading session against a backdrop of intensifying Sino-US trade tension.
The dollar slid broadly on Thursday and the euro firmed after President Donald Trump announced more aggressive-than-expected tariffs against US trading partners, jolting the markets as investors sought safe havens such as the yen and Swiss franc.
President Prabowo Subianto on Monday signed a regulation requiring exporters of resources other than oil and gas to hold all proceeds locally for at least a year, which he said would add US$80 billion to the country's forex reserves.
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