Singapore, January 23 (QNA) - The US dollar was poised for its biggest weekly drop in a year, amid market volatility triggered by US President Donald Trump's initial threat to impose new tariffs on several European countries over the Greenland dispute, followed by his later decision to step back from those threats and signal progress toward an agreement.
The dollar index, which measures the US currency against six units, is on course for a 1% slide, its worst performance in a week since January 2025.
The euro was steady at $1.1751, hovering near the three-week high it touched earlier this week, while sterling fetched $1.3496, near a two-week high hit in the previous session.
The yen has been under relentless pressure, dropping over 4% at 158.50 per US dollar in early Asian hours and was on course for a fourth straight weekly drop, a run it last had in September. Traders fear a break beyond 160 could prompt Tokyo to step into the currency market to support the yen.
In other currencies, the Australian dollar was steady at $0.6841, while the New Zealand dollar was 0.25% weaker at $0.5914. (QNA)