Dollar pinned near multi-year lows as Trump tariff deadline looms
Most U.S. trade partners are set to see much steeper duties at the end of Trump's 90-day moratorium on Trump's "Liberation Day" reciprocal tariffs on Wednesday. So far, only Britain, China and Vietnam have agreed any sort of trade deal with the White House.
Trump said on Friday that he would on Monday name some dozen countries he had signed letters to with their new, higher levies, and pointed to August 1 as the date those rates would go into effect for many trading partners. U.S. Treasury Secretary Scott Bessent on Sunday predicted several big announcements in coming days.
"Market volatility appears inevitable when the pause officially ends and new tariff levels are announced," James Kniveton, a senior corporate FX dealer at Convera, wrote in a client note.
At the same time, "the impact may prove more muted this time," he said. "Unlike previous announcements where tariff levels exceeded expectations, current proposals are largely anticipated. Moreover, markets appear to be pricing in continued deadline extensions."
The dollar slipped 0.1% to 0.7939 Swiss franc early on Monday in Asia, edging back towards the July 1 low of 0.7869 franc, a level not seen since January 2015. It also fell 0.1% to 144.49 yen.
The euro eased 0.1% to $1.1780, not straying far from the July 1 peak of $1.1829, a level last seen in September 2021.
The dollar index, which measures the currency against those three rivals and three more major counterparts, was flat at 96.967, hovering above Tuesday's nearly 3-1/2-year trough of 96.373. (Reporting by Kevin Buckland; Editing by Sonali Paul)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UAE Moments
2 hours ago
- UAE Moments
Your Career Horoscope for July 8, 2025
Today brings confidence, clarity, and momentum to your professional path as opportunities align and plans take shape. Find daily astrological predictions for all sun signs for July 8. We recommend reading the horoscopes for your rising sign. Aries Career Horoscope Your diplomatic skills are at the forefront, and you're in the right place at the right time to make a great impression on an important person. It could change the course of your career. Taurus Career Horoscope Your emotions are larger than life. Don't overreact. Try to focus on one issue at a time so you don't get overwhelmed. If you're struggling to multitask, back off. Things will calm down soon. Gemini Career Horoscope You could encounter an opportunity that shouldn't be deferred. Whatever you decide, go all the way. If you hedge your bets or try half measures, you'll end up far behind the competition. Click here to follow our WhatsApp channel for tarot readings, love, health, career, and Chinese horoscopes delivered to your phone daily! Cancer Career Horoscope Your social impulses are strong, and you'd love nothing more than to be in the middle of a crowd. It's best, however, if you focus on one-on-one relationships. The intimacy will yield good results. Leo Career Horoscope Try your best to adapt to the ever-changing facets of your life. Focusing on the details will help alleviate confusion and stress. Don't get bogged down in negativity. It's counterproductive. Virgo Career Horoscope Your brainpower is strong, and it's stimulating quite a bit of energy and activity. Harness that drive, and you'll make unbelievable progress, especially when it comes to creative pursuits. Libra Career Horoscope Listen to your intuition, or better yet, sit back and let it do the heavy lifting today. Relying on your self-will will only get you so far. If you trust your subconscious, you'll get a lot more done in less time. Scorpio Career Horoscope Offer some constructive advice to a coworker. You can see the problem clearly, but you might need to be as diplomatic as possible. That shouldn't be a problem for you. You're as tactful as they come. Sagittarius Career Horoscope Inventory and asset tracking are important. Give it all a once-over and see what you learn. You could encounter many surprises, good and bad. Get your best people on the job. Capricorn Career Horoscope Anything you start today should go well for you. That's why it's a great time to tackle new projects or even fish around for new jobs or career paths. Maybe see about going back to school. Aquarius Career Horoscope This is a great time to go out on a limb, especially if you're fishing for a new job, promotion, or raise. The right people will see you, and if the timing is right you'll be on your way to the top. Pisces Career Horoscope You have a strong need to vent today. Make sure you have a sympathetic ear waiting to hear you out. Try to be careful not to start something that doesn't need to be started.
Middle East Eye
5 hours ago
- Middle East Eye
Iran receives Chinese surface-to-air-missile batteries after Israel ceasefire deal
Iran has taken possession of Chinese surface-to-air missile batteries as Tehran rapidly moves to rebuild defensives destroyed by Israel during their recent 12-day conflict, sources have told Middle East Eye. The deliveries of Chinese surface-to-air missile batteries occurred after a de-facto truce was struck between Iran and Israel on 24 June, an Arab official familiar with the intelligence told MEE. Another Arab official, who spoke on the condition of anonymity to discuss the sensitive intelligence, said that the US's Arab allies were aware of Tehran's efforts to "back up and reinforce" its air defences and that the White House had been informed of Iran's progress. The officials did not say how many surface-to-air missiles, or SAMs, Iran had received from China since the end of the fighting. However, one of the Arab officials said that Iran was paying for the SAMs with oil shipments. China is the largest importer of Iranian oil, and the US Energy Information Administration suggested in a report in May that nearly 90 percent of Iran's crude and condensate exports flow to Beijing. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters For several years, China has imported record amounts of Iranian oil despite US sanctions, using countries such as Malaysia as a transshipment hub to mask the crude's origin. "The Iranians engage in creative ways of trading," the second Arab official told MEE. Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump are expected to discuss Iran and its nuclear programme when they meet on Monday. MEE reached out to the White House for comment but did not receive a response by the time of publication. Deepening relationship The shipments mark a deepening of Beijing's relationship with Tehran and come as some in the West noted that China and Russia appeared to keep a distance from Iran amid Israel's unprecedented attacks. Israel achieved air superiority over Iran's skies during the conflict, destroying ballistic missile launch pads and assassinating Iranian generals and scientists. Despite this, the government endured the strikes. It was also able to continue firing ballistic missiles at Israel, decimating several sensitive sites in Tel Aviv and Haifa before a ceasefire took hold. By allowing Israel to bomb Iran, Trump is pushing Tehran to go nuclear Read More » In the late 1980s, Iran received HY-2 Silkworm cruise missiles from China via North Korea when it was at war with Iraq. The Islamic Republic used the missiles to attack Kuwait and strike a US-flagged oil tanker during the so-called tanker wars. In 2010, there were reports that Iran received HQ9 anti-aircraft missiles from China. Iran is believed to use Russia's S-300, which is capable of engaging aircraft and UAVs in addition to providing some cruise and ballistic missile defence capability, as well as older Chinese systems and locally produced batteries such as the Khordad series and the Bavar-373. These systems are believed to have a limited ability to shoot down the US F-35 stealth warplane that Israel operates. China already sells its HQ-9 and HQ-16 air defence systems to Pakistan. Egypt is also understood to have China's HQ-9 system, according to reports.
The National
7 hours ago
- The National
AI audits and 'pay per crawl': How Cloudflare is trying to fix a 'broken' web model
An announcement from network giant Cloudflare is deepening a divide between the worlds of tech and content publishing, which are at odds over the data used to train AI platforms. Cloudflare said publishers using the cloud company's tools for hosting websites will now block AI crawlers by default from accessing and poaching content without permission. 'Upon sign-up with Cloudflare, every new domain will now be asked if they want to allow AI crawlers, giving customers the choice upfront to explicitly allow or deny AI crawlers access,' the company said. 'This significant shift means that every new domain starts with the default of control, and eliminates the need for webpage owners to manually configure their settings to opt out.' Cloudflare first addressed concerns about AI data-scraping last year when it gave websites the option to block AI companies from poaching content. 'Now by default you have control over who crawls your site and what that information is used for,' said Stephanie Cohen, a chief strategy officer for Cloudflare. 'The benefit of that is that it creates the conditions for a new business model of the internet to develop,' she told The National after Cloudflare introduced the new settings and options. Some of the strongest proponents of AI tools, and many of the tools' creators, have justified data scraping, saying it is akin to the early days of search engines when controversy briefly surfaced over whether or not search companies should be able to index sites. Others say that comparison isn't appropriate, because search engines didn't poach the contents of entire websites. Additionally, during the early days of web browsers, search engines and the crawlers they implemented provided a framework that built much of the internet as we know it. It was a win-win situation for the likes of Google and media companies which provided information and sought to attract audiences by delivering web traffic through internet searches. The debut of OpenAI's ChatGPT in 2022 and other AI platforms turned that economic model on its head. Instead of directing traffic to websites, AI summaries have quickly become a destination unto themselves, siphoning traffic from the same websites from which they scrape data. Ms Cohen said publishers and content creators using Cloudflare's services soon noticed a major dip in web traffic. 'Not only was it getting more difficult to get web traffic – to the tune of it being 10 times harder – but it was also getting more difficult at a faster and faster rate,' she said. The web's economics based on search that built up over the last decade, she said, started to erode over a period of six months. In 2024, Ms Cohen said Cloudflare allowed users to see which AI companies were scraping their sites and turn off that ability. This year they are taking things further by introducing 'pay per crawl'. The tool gives publishers and website operators the option of allowing AI scraping for free, charging for it 'at the configured domain-wide price,' or blocking scraping entirely. As AI developments quickens, so too does the bad blood between media organisations and the tech firms driving the AI boom. Several lawsuits have been filed. The New York Times has sued OpenAI and Microsoft for allegedly using its articles to power increasingly popular chatbots.
