The USD/SEK currency pair edged higher on Tuesday, holding not far from last Thursday’s 1-month high of 9.1074, amid lingering uncertainty surrounding US tariffs.
The US Supreme Court ruled that US President Donald Trump’s tariffs imposed under the International Emergency Economic Powers Act were unlawful without approval from Congress.
In response to the Supreme Court decision, Trump indicated an intention to push forward with a new 15% global tariff using different trade statutes.
Trump also warned countries against backing away from recently negotiated trade deals with the US, stating that in such a case, he will impose much higher levies under different trade laws.
As a result, fears of retaliation and supply chain disruptions have increased. Together with geopolitical risks, these concerns have dampened risk appetite and supported the safe-haven US Dollar.
On the monetary policy front, Federal Reserve Governor Christopher Waller said he was open to keeping interest rates intact at the March meeting in case the February employment data implied the US labor market had “pivoted to a more solid footing” after weakness throughout 2025.
Investors are currently expecting the first rate cut, out of potential three, by the Fed for this year to occur as early as June.
The USD/SEK currency pair was last up 0.41% on the day to trade at 9.0829.
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