U.S. Dollar Falls After Tariff Ruling
(RTTNews) - The U.S. dollar weakened against its major counterparts in the New York session on Thursday, as a federal court ruled against Trump's tariffs, dealing a blow to a key part of his economic agenda.
A three-judge panel at the U.S. Court of International Trade ruled that the worldwide and retaliatory tariff orders exceed any authority granted to the President by International Emergency Economic Powers Act to regulate importation by means of tariffs.
The judges also said tariffs on Canada, Mexico and China related to drug trafficking "fail because they do not deal with the threats set forth in those orders."
The Trump administration immediately appealed the ruling, which could end up being decided by the U.S. Supreme Court.
The greenback weakened to 2-day lows of 1.1379 against the euro and 0.8225 against the franc, from an early 10-day high of 1.1210 and a 9-day high of 0.8348, respectively. The next possible support for the currency is seen around 1.15 against the euro and 0.80 against the franc.
The greenback edged down to 1.3507 against the pound and 144.04 against the yen, from an early 6-day high of 1.3414 and a 2-week high of 146.28, respectively. The currency may find support around 1.37 against the pound and 140.00 against the yen.
The greenback fell to 2-day lows of 0.5992 against the kiwi, 0.6460 against the aussie and 1.3785 against the loonie, from an early high of 0.5925, 1-week high of 0.6407 and a 6-day high of 1.3862, respectively. The currency is poised to find support around 0.62 against the kiwi, 0.66 against the aussie and 1.36 against the loonie.
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