USD choppy as Washington headlines hit trade, oil and bond market policy

The dollar traded choppily as a rapid stream of policy headlines out of Washington kept event risk elevated across FX. Administration officials addressed multiple fronts simultaneously — beef and food prices, Chinese subsidies, Venezuelan oil sanctions, AI data-centre investment and the recent surge in long-end Treasury yields — offering explanations and forward plans but few concrete near-term measures. For traders, the practical takeaway is headline-driven volatility rather than a clear directional signal: trade-relations rhetoric toward China keeps USD/CNH and the commodity currencies AUD/USD and NZD/USD sensitive, while Venezuelan oil commentary feeds into crude pricing and by extension USD/CAD. Fiscal and bond-market commentary remains the most consequential channel, given the week's move to multi-year highs in yields. With policy detail thin, positioning is likely to stay defensive into Friday's US employment report. EUR/USD support sits near 1.1600 with resistance at 1.1700, while USD/JPY holds a 147.00-149.00 band. Expect intraday spread widening and slippage risk around unscheduled political headlines.