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The ICE U.S. Dollar Index, a gauge of the greenback against a basket of six other currencies, moved toward a key technical level on Friday as President Donald Trump's tariff threats
rattled financial markets. The index was down 0.5% at 99.44 as of Friday morning. A close below its April low of around 97.92 "would mark a breakdown from the dollar’s longer-term
range, suggesting the developing downtrend off the January highs will likely continue," said Adam Turnquist, chief technical strategist for LPL Financial. In a note, he said:
"Concerns over trade, fiscal deficits, and growth may be less evident in equity markets when considering the broader market’s impressive recovery from the April lows, but they still
appear to be relevant to the dollar. The greenback has struggled to gain traction over the last month as de-dollarization trends continue against a backdrop of rising deficit forecasts and a
U.S. debt downgrade."
