Currency markets endured a week that felt like political reality TV meets economic drama, with traders ping-ponging between Trump’s latest tariff tantrums and a mid-week Fed Chair firing fiasco that had everyone questioning their career choices. The week’s main act featured Trump unleashing his tariff arsenal, threatening 30% levies on EU and Mexican goods while dangling 100% duties over Russia’s head like a diplomatic sword. Just when markets thought they had a handle on the trade chaos, Wednesday delivered a plot twist worthy of a soap opera: rumors that Trump was ready to fire Fed Chair Powell sent the dollar tumbling faster than a dropped mic at a comedy show. Trump quickly walked back the Powell firing speculation, calling it “highly unlikely”—apparently even he has limits to his reality show antics. Meanwhile, economic data played supporting roles, with stellar US retail sales & lower jobless claims proving American consumers remain unfazed by the political circus, while Australia’s unemployment spike reminded everyone that not all economies are created equal. The dollar emerged victorious despite the midweek drama, while the Australian dollar took the week’s biggest beating. Let’s break it all down by currency, shall we?
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