USD: Weakness continues amid Trump comments – Commerzbank

FXStreetJan 28, 2026 7:39 AM

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The Dollar remains under pressure following comments from President Trump, which have contributed to its decline against other currencies. The Dollar Index has fallen to its lowest level since February 2022, driven by uncertainties over U.S. tariff policies and geopolitical tensions. The focus now shifts to the upcoming Federal Reserve meeting, where no changes to the Fed funds target range are expected, Commerzbank's Charlie Lay and Moses Lim note.

Dollar under pressure from political comments

"The main theme overnight was the weak USD. Comments from President Trump sent the USD down another leg against an already fragile backdrop."

"The USD has been under pressure of late, with the Dollar Index at the lowest level in nearly four years. This was due to a combination of factors, including uncertainties over US tariff policies, geopolitical tensions, and uncertainties over Fed independence."

"However, the damage was done and the sell USD trade gathered momentum. The Dollar Index fell to the lowest level since February 2022."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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