The US dollar falls to its lowest level of the last two years

In the midst of a new chapter in the tariff war promoted by US President Donald Trump, who threatened to impose 50% commercial rates on the European Union, the dollar of that country faces an adverse scenario.

And, according to Bloomberg data, the value of the United States currency collapsed until Its lowest level since 2023affected by commercial tensions and growing concerns about the country’s fiscal deficit.

He Bloomberg Dollar Spot Index (Index from the dollar to cash), an indicator that measures the performance of the dollar against an international coin basket fell to 0.8% On Friday, May 23, accumulating a loss of more than 7% since the beginning of 2025.

At the moment, this article is drafted, that index indicates that the dollar price recorded a decrease below 1,220 points, as seen in the following graph:

This descent marks the fourth day of falls in the last five, an eloquent reflex of the pressure facing the currency. According to the Bloomberg report, Trump’s recent threats to impose tariffs not only to the European Union, but also companies such as Apple Inc., have intensified the inverse concerns On the impact of these commercial policies on the American economy, the largest in the world.

A testimony that shows that negative feeling is that of Aroop Chatterjee, director of Wells Fargo, who warned that a significant increase in import tariffs from the European Union “could increase the risks of a recession in the United States, in addition to generating greater economic and political uncertainty.”

In an attempt to clarify the situation, the United States Secretary of the Treasury, Scott Besent, said he would not consider the dollar as a weak currency. According to Besent, recent movements in currency markets are more due to the appreciation of other currencies than to an intrinsic weakening of the dollar.

However, the official said that the United States could close important trade agreements in the coming weeks and their statements, far from making Besent’s initial intention, They failed to reverse the bassist trend of the price of the dollar.

In that sense, Helen Given, a foreign exchange institution operator Monex, stressed that Besent’s comments could be fed speculation that Trump’s administration “is looking for a weaker dollar policy,” which would have contributed to that currency.

The market assumes a hostile posture compared to the US dollar.

Additionally, a second graph prepared by Bloomberg shows the evolution of the net positions (blue area) of futures on the US dollar by non -commercial operators, that is, institutional investors and speculators that do not use these contracts to cover themselves, but to bet on the future direction of the currency.

Based on data from the United States Future Trade Commission (CFTC), it is observed that currently The positions of these investors have returned to the negative landwhich reflects a renewed market skepticism about the future performance of the currency.

This trend coincides with a drop in the dollar, suggesting that investors are redirecting their capital towards alternative assets, in a context of macroeconomic uncertainty and changes in monetary policies.

In addition to the tensions derived from commercial policies, the dollar faces internal challenges. Currently, the United States Senate analyzes a tax bill promoted by Trump, which contemplates An increase in debt roof to avoid a breach of the government that could materialize between August and September 2025.

That project already has the approval of the House of Representatives of the Congress of that country, would potentially increase the federal deficit “In hundreds of billions of dollars annually,” which has generated uncertainty among investors.