Here is what you need to know on Monday, March 24:
After outperforming its rivals for three consecutive days, the US Dollar (USD) struggles to find demand at the beginning of the week. Later in the day, S&P Global will publish preliminary Manufacturing and Services Purchasing Managers Index (PMI) data for Germany, the Eurozone, the UK and the US.
US Dollar PRICE Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.24% | -0.21% | 0.33% | -0.17% | -0.27% | 0.02% | -0.05% | |
| EUR | 0.24% | -0.08% | 0.05% | 0.11% | -0.05% | 0.31% | 0.23% | |
| GBP | 0.21% | 0.08% | 0.52% | -0.44% | -0.00% | 0.39% | 0.20% | |
| JPY | -0.33% | -0.05% | -0.52% | -0.50% | -0.63% | -0.30% | -0.40% | |
| CAD | 0.17% | -0.11% | 0.44% | 0.50% | -0.05% | 0.19% | 0.12% | |
| AUD | 0.27% | 0.05% | 0.00% | 0.63% | 0.05% | 0.37% | 0.28% | |
| NZD | -0.02% | -0.31% | -0.39% | 0.30% | -0.19% | -0.37% | -0.00% | |
| CHF | 0.05% | -0.23% | -0.20% | 0.40% | -0.12% | -0.28% | 0.00% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Following the sharp decline seen in the first half of March, the USD Index ended the previous week in positive territory, supported by the Federal Reserve's (Fed) cautious outlook on further policy-easing and some upbeat data releases from the US. Early Monday, the USD Index corrects lower and fluctuates at around 104.00. Meanwhile, US stock index futures rise between 0.6% and 0.9% in the European morning, highlighting an improving risk mood. According to the Wall Street Journal, the White House is adjusting its approach to tariffs set to take effect on April 2, likely omitting a set of industry-specific tariffs while applying reciprocal tariffs aimed at countries with significant trade ties to the US.
The data from Australia showed on Monday that Judo Bank Composite PMI edged higher to 51.3 in March's flash estimate from 50.6 in February. This reading highlighted that the economic activity in the private sector expanded at a slightly faster pace than it did in the previous month. After posting losses for four consecutive days, AUD/USD gains traction and rises toward 0.6300 in the European morning on Monday.
Bank of Japan (BoJ) Deputy Governor Shinichi Uchida told the Japanese parliament on Monday that they will adjust the degree of monetary easing by raising the policy rate, if the economic and prices outlooks are to be achieved. In the meantime, Jibun Bank Manufacturing PMI in Japan declined to 48.3 in March from 49 in February and the Services PMI dropped to 49.5 from 53.7. These figures showed that both sectors dropped into the contraction territory. Despite the selling pressure surrounding the USD, USD/JPY edges higher early Monday and was last seen trading at around 149.70.
After losing more than 0.5% in the previous week, EUR/USD corrects higher toward 1.0850 to begin the European session on Monday.
GBP/USD registered losses on Thursday and Friday to end the previous week virtually unchanged. The pair clings to modest daily gains and trades slightly below 1.2950 early Monday. Later in the day, Bank of England Governor Andrew Bailey will speak at a lecture on "Growth in the UK Economy" at the University of Leicester, England.
Following the record setting rally seen in the first half of last week, Gold turned south and closed in the red on Thursday and Friday. After settling above $3,000, XAU/USD seems to have entered a consolidation phase at around $3,020 on Monday.
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
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