The U.S. dollar weakened against other major currencies in the European session on Thursday, as traders increase their bets that the Fed will lower rates in June, as Trump imposes fresh tariffs, traders increase their wagers that the Fed will lower rates in June.
U.S. President Donald Trump announced steeper-than-expected reciprocal tariffs on U.S. trade partners, heightening concerns over a global trade war that could destabilize major economies. White House press secretary Karoline Leavitt indicated the new levies will be "effective immediately."
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Forex News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.