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Dollar near multi-year lows against euro
The dollar's performance was mixed on Tuesday, April 22, trading near multi-year lows against the euro and the Swiss franc, following concerns about the independence of the US Federal Reserve amid sharp criticism of its chairman, Jerome Powell, by US President Donald Trump.
The dollar fell 0.03% to 140.820 yen, after earlier falling below 140 for the first time since mid-September.
The dollar rose 0.57% to 0.8138 Swiss francs, but remained close to a ten-year low of 0.8042 reached on Monday, according to Reuters.
The euro fell 0.38% to $1.1467 after rising to $1.1573 on Monday, its highest level since November 2021.
Read also: The dollar is in the grip of a trade war... Is its global standing at stake?
The dollar index, which measures the performance of the US currency against six major currencies, rose 0.256% to 98.599 after falling to 97.923 in the previous session, its lowest level since March 2022.
Analysts said the US currency was in a "very fragile" position amid market fears of tariffs imposed by the Trump administration, which threaten to ignite a global trade war.
Doubts about the Federal Reserve's independence are threatening the value of the US currency as a major global reserve currency, with analysts pointing to the possibility of a withdrawal from investments that many consider to be heavily exposed to US assets, according to Reuters.
The dollar's losses deepened after the Thai Prime Minister announced the postponement of trade negotiations with the United States, which were scheduled to begin on Wednesday.
Trump ramped up his criticism of the Federal Reserve Chairman on Monday in a post on his social media platform, Truth Social, calling him a "big loser" and demanding that he cut interest rates "now" or risk a slowdown in the US economy.
