Trump announced this morning that a 25% tariff will be imposed on all products entering the United States from Mexico and Canada. As a result, the US dollar quickly strengthened, with an increase of 0.4%, while non-US currencies fell across the board. The Canadian dollar and the Mexican peso had the deepest declines, with the latter falling by more than 1.2%. Spot gold and silver were also under pressure from the strong US dollar, with silver falling below $30 per ounce.
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The dollar strengthened rapidly in the Asian session due to Trump's remarks that he would impose a 25% tariff on Mexican and Canadian goods.
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