The dollar was on the back foot on Thursday, falling 0.4 percent against the yen to 145.79 after a sharp rise earlier this week when Trump slapped Japan with 25 percent tariffs.
The euro was up 0.17 percent to $1.1742 and sterling gained 0.11 percent to $1.3605.
An exception was the Brazilian real, which languished near a one-month low at 5.5826 per dollar owing to Trump’s tariff threat on Latin America’s largest economy.
“Despite the S&P 500’s impressive rally, the US dollar continues to retreat, underscoring a shifting global macro narrative,” said Julia Wang, global market strategist at J.P. Morgan Private Bank.
“We believe the greenback remains 5-15 percent overvalued and expect continued weakness as cyclical convergence and capital reallocation trends play out.”
In cryptocurrencies, bitcoin hovered near a record high and was last at $111,234.63, while ether was up 1.3 percent to $2,775.54.
“We’re seeing our clients take a more measured approach, making strategic allocations into cryptocurrencies with real utility instead of chasing short-term moves. Bitcoin remains the top pick on our platform,” said Gracie Lin, OKX’s Singapore CEO.
Elsewhere, oil prices fell on Thursday, with Brent crude futures down 0.16 percent to $70.08 per barrel, while US crude lost 0.22 percent to $68.23 a barrel. Spot gold rose 0.3 percent to $3,322.69 an ounce.
