The US dollar index fell below 108 on Friday (1/24), set to drop more than 1% for the week. The decline came as President Donald Trump refrained from imposing aggressive tariffs after his inauguration, contrary to market expectations. In his speech at the World Economic Forum, Trump also called for immediate interest rate cuts and reiterated his commitment to lower taxes on US-based manufacturers, while promising tariffs on companies that produce overseas. Despite Trump's comments, the Federal Reserve is widely expected to keep interest rates unchanged at its policy meeting next week. Market expectations are now leaning toward a rate cut in July, with the potential for another cut later in the year. The US dollar weakened across the board, with the most significant selling pressure seen against the antipodean currencies.

Source: Trading Economics