A sell-off in the US dollar picked up steam on Tuesday afternoon after Donald Trump said he was not concerned by steep falls in recent days.
The greenback was down 1.3 per cent against a basket of other major currencies, leaving it trading at the lowest level in four years and off 2.6 per cent since the start of 2026. It had already been lower earlier in the session amid worries that the US president’s erratic policymaking was undermining global investors’ confidence in the country’s assets.
Sterling and the euro hit corresponding multi-year highs against the dollar. The euro rose 1.4 per cent to $1.204, while sterling rose 1.2 per cent to $1.384. Both currencies are at their highest points since the second half of 2021.
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