Minneapolis Federal Reserve (Fed) President Neel Kashkari said in his speech in Tokyo early Monday that “uncertainty is top of the mind for Fed, US businesses.”

Additional quotes

In waiting to observe mode.

Tariffs shock is stagflationary.

Extended tariffs raise risk of stagflation.

Question now is scale of stagflation.

Not sure if the picture will be clear enough by September.

Have to see what the data says, and also how trade negotiations progress.

If US can strike trade deals in the coming months, that should provide a lot of clarity.

Immigration policy is also causing businesses to rethink investment plans.

Market reaction

The US Dollar Index (DXY) is on a tepid rebound, still down 0.30% on the day at 98.82, as of writing.

US Dollar PRICE Last 7 days

The table below shows the percentage change of US Dollar (USD) against listed major currencies last 7 days. US Dollar was the weakest against the New Zealand Dollar.

USD EUR GBP JPY CAD AUD NZD CHF
USD -1.95% -2.16% -1.94% -1.96% -1.78% -2.24% -1.94%
EUR 1.95% -0.24% 0.07% 0.05% 0.30% -0.24% 0.02%
GBP 2.16% 0.24% 0.00% 0.29% 0.54% 0.00% 0.26%
JPY 1.94% -0.07% 0.00% -0.02% 0.33% -0.11% 0.05%
CAD 1.96% -0.05% -0.29% 0.02% 0.20% -0.29% -0.03%
AUD 1.78% -0.30% -0.54% -0.33% -0.20% -0.53% -0.27%
NZD 2.24% 0.24% -0.00% 0.11% 0.29% 0.53% 0.26%
CHF 1.94% -0.02% -0.26% -0.05% 0.03% 0.27% -0.26%

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).

Source: Fxstreet