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The dollar extended its final setback on Wednesday after a major proponent of free trade at the White House announced its resignation, which fanned fears that President Donald Trump would go ahead with tariffs and risk a trade war.
Businessmen are worried that the departure of economic adviser Gary Cohn, a former Wall Street banker, will weigh on the protectionist forces in the US government. because Trump tries to charge a hefty tariff for steel and aluminum.
It is not clear whether Trump uses tariffs as a negotiating tactic or he really understands them.
Whatever happens, we can not ignore the risk of protectionism, "Ayako Sera, a market economist at Sumitomo Mitsui Trust Bank. The dollar fell to as low as 105.45 yen, nearing a 16-month low of 16.36 yen and last at 105.75 yen, down 0.35 percent on the day.
A fall below that level would pave the way for the test of 101.19, a low level of touch in November 2016 just after Trump won the presidential election. The dollar fell 0.3 percent against the safe position of the Swiss franc, to 0.9379 francs.
"The worst outcome for financial markets, in the potential for creating excitement, could be a confirmation of increased trading friction and a bad dollar waiver in the short term," ANZ analysts said.
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