The US Dollar Index fell below 97.5 after Trump announced updated tariffs on 14 countries, including 25% tariffs on Japan and South Korea, and threatened a 10% tariff on BRICS-aligned nations. Despite strong June jobs data reducing Fed cut expectations, markets remain cautious.

Japan’s 10-year yield rose above 1.47% after Trump’s tariff announcement, increasing pressure on Tokyo to secure a deal, while weak wage data capped further gains.

The US 10-year yield held near 4.38% as markets assessed tariffs and strong job data, with July Fed rate cuts now seen as unlikely.