Dollar Unmoored as Traders Unsure on US Tariffs 

US dollar banknotes are seen in this photo illustration taken February 12, 2018. (Reuters)
US dollar banknotes are seen in this photo illustration taken February 12, 2018. (Reuters)
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Dollar Unmoored as Traders Unsure on US Tariffs 

US dollar banknotes are seen in this photo illustration taken February 12, 2018. (Reuters)
US dollar banknotes are seen in this photo illustration taken February 12, 2018. (Reuters)

The dollar was adrift on Wednesday, with weak US confidence data and concerns about the effect of sweeping tariffs on US growth putting the brakes on a recent bounce.

After briefly crossing below 150 yen, the dollar floated to 150.55 yen in the Asia session, but traders lacked conviction, while a messy week of tariff hits looms.

The euro, which spent a week edging lower from a five-month high, has steadied around $1.0783. Sterling held steady at $1.2931 ahead of British inflation data and a budget update due later in the day.

The euro and Russia's rouble had little immediate reaction to US deals with Russia and Ukraine to pause attacks at sea and on energy targets, though wheat prices fell as the US said it will push to lift sanctions on Russian agriculture.

That leaves the focus on next week, when US President Donald Trump has threatened to impose - or at least provide details of - a new round of tariffs on autos, chips and pharmaceuticals.

The trade-sensitive Australian dollar hovered just above 63 cents, wavering only slightly when February consumer inflation data came in a bit softer than expected.

It barely responded to Tuesday's federal budget, which promised tax cuts and extra borrowing to fund relief measures for voters ahead of a May election.

"The major driver of AUD/USD over the next few weeks, and possibly months, will be the new US trade policy and the response from foreign governments," said Commonwealth Bank of Australia strategist Joe Capurso.

"If market participants are caught flat footed by larger than expected US tariffs and retaliation by other governments next week, AUD/USD can test $0.60 in coming weeks."

The New Zealand dollar was a tad firmer at $0.5750.

Tariffs and threats of the duties have already driven counterintuitive moves in currency markets as concerns they may drive down US growth have confounded the assumption that the levies should be inflationary and drive up the dollar.

Data released on Tuesday showing US consumer confidence plunged to the lowest level in more than four years in March highlighted how the uncertainty is weighing heavily on households.

For the quarter, the dollar index - which had rallied strongly between September and January - is headed for a roughly 4% drop. It was stalled at 104.32 in the Asia afternoon.

In emerging markets, Türkiye's lira found a footing just below 38 to the dollar after the finance minister and central bank governor told investors they would do whatever was needed to tame market turmoil triggered by the arrest of President Recep Tayyip Erdogan's main political rival.

Indonesia's currency teetered near a record low as worries over slowing growth and rising government spending shook confidence in Southeast Asia's biggest economy.



Saudi Arabia Boosts Food Security

An agricultural farm in Saudi Arabia (SPA)
An agricultural farm in Saudi Arabia (SPA)
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Saudi Arabia Boosts Food Security

An agricultural farm in Saudi Arabia (SPA)
An agricultural farm in Saudi Arabia (SPA)

Saudi Arabia is accelerating efforts to strengthen food security, a strategic objective rooted in the Kingdom’s founding and shaped by its desert geography and limited water resources.

As part of its Vision 2030, the Kingdom has placed food security among its top priorities, implementing a national strategy to boost local production and promote long-term agricultural sustainability.

The agricultural sector’s contribution to GDP rose to SAR114 billion ($30.4 billion) in 2024, up from SAR109 billion ($29 billion) the previous year, according to the latest Vision 2030 annual report.

Government support, particularly through the Agricultural Development Fund, has fueled the sector’s growth. Agricultural loans increased by 54% between 2018 and 2024, reaching SAR5 billion ($1.33 billion).

Saudi Arabia has achieved higher self-sufficiency rates across several key products. Domestic production in 2024 included 2.95 million tons of fruit, 3.38 million tons of vegetables, 1.83 million tons of grains, 399,000 tons of eggs, 2.7 million tons of milk, 274,000 tons of red meat, 1.15 million tons of poultry, 217,000 tons of fish, and 8,500 tons of honey.

Aquaculture has seen significant growth, with fish production rising from 40,000 tons in 2016 to over 246,000 tons in 2024, driven by investments in sustainable technologies and marine projects. Saudi Arabia is positioning itself as an emerging regional hub for aquaculture.

The Kingdom’s progress reflects its long-term commitment to food security, supported by initiatives to enhance supply chains, stimulate private sector investment, and advance research and innovation in modern farming technologies. Authorities say the achievements so far signal Saudi Arabia’s ability to continue advancing toward self-sufficiency in a more resilient and sustainable agricultural environment.