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The U.S. dollar stabilized on Thursday after early losses, supported by strong earnings from artificial intelligence heavyweight Nvidia, while investors awaited further details on the latest U.S. tariff measures.
At 03:00 ET (08:00 GMT), the Dollar Index—which tracks the greenback against a basket of six major currencies—edged 0.1% higher to 97.650. Despite the rebound, the index remained on course for a weekly decline of around 0.2%.
Nvidia earnings lend support
The dollar found some footing after starting the session weaker, as better-than-expected results from Nvidia (NASDAQ: NVDA) lifted risk sentiment and reduced demand for traditional safe havens. The world’s most valuable company reported January-quarter sales above analyst expectations and issued an upbeat revenue forecast for the current quarter, reinforcing confidence in the AI-driven growth outlook.
Markets are also watching closely for developments on U.S. trade policy after the Supreme Court’s February 20 ruling that struck down President Donald Trump’s emergency tariffs. On Wednesday, U.S. Trade Representative Jamieson Greer said tariff rates for some countries would rise to 15% or higher from the newly imposed 10%, though he did not name affected trading partners or provide a timeline.
Geopolitics also remained in focus, with U.S. and Iranian officials meeting in Geneva later in the day to discuss a potential nuclear deal. President Trump warned that “bad things” could happen if talks fail to make meaningful progress.
Euro and pound slip
In Europe, EUR/USD slipped 0.1% to 1.1798 ahead of euro zone consumer confidence data. However, both the confidence figures and Friday’s inflation release are unlikely to significantly sway the euro, as the European Central Bank is widely expected to keep interest rates unchanged for some time.
GBP/USD fell 0.3% to 1.3523, with sterling struggling to gain traction despite data showing a marked improvement in sentiment among Britain’s business and professional services sector. A quarterly survey from the Confederation of British Industry showed optimism in the sector improved to -3 in February from -50 in November, the highest level since August 2024.
Yen strengthens, China FX under pressure
In Asia, USD/JPY declined 0.3% to 156.01 after Bank of Japan Governor Kazuo Ueda said policymakers would closely examine upcoming data at their March and April meetings, keeping the door open to another rate hike if inflation and wage growth remain firm. His comments reinforced expectations that Japan’s gradual policy normalization could continue.
The yen had weakened a day earlier following cautious comments from Prime Minister Sanae Takaichi on further rate hikes and the nomination of two dovish-leaning candidates to the BOJ board.
Elsewhere, USD/CNY fell 0.4% to 6.8392, touching a fresh 34-month low as investors positioned for potential policy support ahead of China’s annual National People’s Congress, where growth targets and fiscal stimulus plans are expected to be outlined.
AUD/USD edged down 0.1% to 0.7114, while NZD/USD slipped 0.2% to 0.5988.
