All that uncertainty, along with Trump's chaotic trade policies and their potential threat to economic growth, have taken a toll on the U.S. dollar as investors look to move their money elsewhere.
The dollar index , which measures the currency against six other units, is down 10% this year and on course for a sixth straight month in the red. The last time it had a run like this was in 2017.
While the "sell America" theme has faded somewhat in the past few weeks, as evidenced by U.S. stocks hitting record highs, investors remain worried about the dollar and how Trump's tariff policies could affect it.
Trump's tariffs are coming back onto the markets' radar as the clock ticks down to his July 9 deadline for trade deals.
In Thursday's Asia trade, futures indicated a muted open for European stock markets. Investors will keep an eye on defence stocks after NATO leaders backed the big increase in defence spending that Trump had demanded.
The big news in the corporate world was Shell denying it was in talks to buy British rival BP, after the Wall Street Journal reported on Wednesday that the oil majors were in early discussions about a takeover.
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