The teller will count US Dollar Bank notes on April 9, 2025 at Money Changer in Jakarta, Indonesia.
Willie Kruniawan | Reuters
The US dollar continued its slide on Monday, dropping to its lowest level since 2022. Global investors have retreated from US assets in the face of tensions between President Donald Trump and the Federal Reserve.
ICE US Dollar Indexmeasured greenbacks against baskets of foreign currency, falling to 97.92 on Monday. According to Factset, this is the lowest index level since March 2022.
Immediately after the 8am ET, the index fell 1.2% on the day of 98.14.
The ICE US Dollar Index reached its lowest level since 2022 on Monday.
Since President Donald Trump took office in January, the dollar has dropped sharply. The April 2 rollout of global mutual tariffs appeared to promote one round of sales. Trump’s criticism of Federal Reserve Chairman Jerome Powell on Friday appears to have put more pressure on Greenback, saying that along with White House economic adviser Kevin Hassett, he and his team are exploring whether the president and his team can remove the central bank’s chief.
“We see a clear signal that the president doesn’t even like the idea that he might try to remove the Fed’s chair. In recent weeks, there has been some degree of confidence in US economic policy decisions. We’ve seen a combination of this very strange pressure on long-term bond yields that combines weaker dollars.
Piper Sandler’s US policy director Andy Laperriere raised similar concerns about changes at the Fed in a note to clients on Monday.
“We see a president who is determined to turn Washington over. Investors who ignored Trump’s own words have not helped fraud by doing so. Similarly, it would be a mistake to put aside Trump’s own words and actions on these other issues,” Laperriere wrote.
The dollar is often considered a global reserve currency, with US assets far surpassing the rest of the world over the past decade, spurring the growing demand for greenbacks. However, US stocks and bond markets are declining amid the tariff conflict between the Trump administration and other foreign leaders, appearing to be pulling the dollar down along with them.
On Monday, some of the most won against the dollar during this period were once again high. EUR He won 1.3% against the greenback, JPY and Swiss Franc He also gained ground.
– Reported by CNBC’s Michael Bloom.
