Forex Today: US Dollar sell-off continues as Trump attacks Powell once again
Here is what you need to know on Tuesday, April 22:
The US Dollar (USD) accelerated its slump in thinned trading on Monday, as most Asian and European markets remained closed due to Easter Holidays. The Greenback fell to fresh multi-month lows against all its major rivals, as investors kept losing confidence in the American economy.
United States (US) President Donald Trump criticised Federal Reserve (Fed) Chairman Jerome Powell last week, threatening to remove him from his position. Trump doubled the bet on Monday, accusing Powell of lowering interest rates in late 2024 for political purposes. Trump added that “there is virtually no inflation,” and called Powell Mr. Too Late and a major loser.
Wall Street plummeted, with the three major indexes losing roughly 3% each.
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 New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -1.08% | -0.61% | -0.96% | -0.14% | -0.58% | -1.23% | -1.09% | |
| EUR | 1.08% | 0.31% | 0.11% | 0.91% | 0.31% | -0.19% | -0.04% | |
| GBP | 0.61% | -0.31% | -0.04% | 0.60% | -0.01% | -0.50% | -0.35% | |
| JPY | 0.96% | -0.11% | 0.04% | 0.82% | 0.24% | -0.16% | -0.11% | |
| CAD | 0.14% | -0.91% | -0.60% | -0.82% | -0.57% | -1.10% | -0.94% | |
| AUD | 0.58% | -0.31% | 0.00% | -0.24% | 0.57% | -0.48% | -0.34% | |
| NZD | 1.23% | 0.19% | 0.50% | 0.16% | 1.10% | 0.48% | 0.17% | |
| CHF | 1.09% | 0.04% | 0.35% | 0.11% | 0.94% | 0.34% | -0.17% |
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).
The US Dollar Index bottomed at 97.91, its lowest since March 2022, bouncing towards the 98.30 region ahead of the daily close.
Gold was the overall winner, reaching a fresh record high of $3,430.
The EUR/USD pair trades above the 1.1500 mark for the first time in over three years, while GBP/USD flirted with the 1.3400 level before retreating some pips, still trading at levels last seen in October 2024.
The USD/JPY pair fell towards the current 140.60 region, pressuring its intraday lows early in the Asian session.
Finally, commodity-linked currencies interrupted their early rallies against the US Dollar amid stocks’ collapse, but both the AUD and the CAD finished the day with gains against the USD.
On the data front, the macroeconomic calendar will remain scarce on Tuesday, with the focus holding on US political and fiscal woes.