The U.S. dollar index (DXY) fell on Thursday as general risk aversion following President Donald Trump’s sweeping new reciprocal tariffs drove investors toward other safe-haven assets like the yen and Swiss franc,

Stock indexes tumbled on Thursday, with the S&P 500 down more than 4%, while the U.S. dollar weakened and oil prices fell more than 6% as President Donald Trump’s drastic U.S. trade tariffs stoked fears of a global recession and led investors to seek safe-haven assets like bonds and the yen.

The Bloomberg Dollar Spot Index fell as much as 1 per cent to the lowest since November, with the US dollar sliding sharply versus the yen and Swiss franc.