The USD initially moved lower following the Supreme Court’s 6–3 decision striking down the Trump administration’s IEEPA tariff authority. The greenback sold off in the immediate aftermath as markets reacted to the removal of tariff-related price pressures. However, the reaction has been mixed across asset classes.
U.S. yields have pushed higher — with the 10-year up around 2.3 basis points — amid concerns that tariff revenues may now need to be reimbursed, potentially widening the fiscal deficit. On the other hand, the elimination of tariffs is seen as easing some inflationary pressure at the margin.
U.S. equities are higher with the Dow up 0.21%, the S&P up 0.30% and the Nasdaq up 0.40%. .
Looking at the major currencies, EURUSD has moved higher and is now trading above the 1.1765–1.1778 swing area, shifting short-term bias modestly in favor of the buyers. The next upside target comes in at the falling 100-hour moving average near 1.1809. A break above that level would begin to tilt control back toward the bulls after the pair has remained below the 100-hour MA (blue line) since February 12.
The USDJPY has rotated lower to test its 100-day moving average at 154.84 — a key technical level for near-term direction. After moving back above the 100-day MA on Wednesday, the pair traded mostly above that level yesterday, aside from a brief failed break during midday trading. Today, the price slipped just below the MA to a low of 154.81 after the decision, before rebounding back higher, currently trading near 155.02.
For sellers to gain more meaningful control, the price will need to move back below — and remain below — the 100-day MA. Adding to the technical significance, the 50% midpoint of the 2026 trading range at 154.956 is also in play, reinforcing this area as a key battleground for short-term bias (see yellow area on the chart below).
