The US dollar weakened against its peers on Thursday following President Trump's announcement of a 50% tariff on copper, effective from August 1, and a similar tariff on Brazilian goods. At intraday, the dollar fell by as much as 0.29%, reaching 97.27.

President Trump posted letters to his Truth Social platform Wednesday outlining tariff levels for seven countries. Trump said he would levy 30% tariffs on Libya, Iraq, and Algeria, effective Aug. 1. Moldova and Brunei will get 25% tariffs,

President Donald Trump announced a 30% tariff rate for Iraq on Wednesday in a post on Truth Social, stating that the rate would apply to all goods sent from the country to the U.S. He added that goods transshipped to evade a higher tariff would be subject to that higher tariff.