Amid the tariffs announced by the US President's administration, the yield on 10-year United States Treasury bonds fell 15 basis points to 4.04%, a five-month low, on expectations of slower economic growth. Interest rate futures point to an increased likelihood of rate cuts in the coming months. Risks of trade conflict escalation have been rising since Trump took office, while weak U.S. macroeconomic data has added to recession fears and put pressure on the dollar.

The dollar index, which gauges the U.S. currency against six major currencies, slid under 103.00, having lost more than 5% since the start of the year. The USD/JPY pair approached the low reached in March. In case of continuation of the downward trend, a significant support may be met by the market in the zone of 144.00 level.