USD steady as Trump touts AI boom; Nasdaq pares losses, S&P 500 down 0.20%

The dollar held broadly steady as President Trump described artificial intelligence as what he called the greatest economic development engine in history, while dismissing certain safety concerns as a hoax. Equity markets showed only a muted reaction: the Nasdaq clawed back to nearly unchanged at -9 points, or 0.04%, while the S&P 500 held lower by 15 points, or 0.20%. His criticism of industry leaders calling for regulation leaves open questions over how the administration balances rapid AI buildout against safety, surging energy demand and national security considerations. For FX, the AI capex theme remains a structural dollar support through capital inflows into US technology assets, keeping EUR/USD and USD/JPY anchored near recent ranges absent fresh macro catalysts. Risk-sensitive pairs such as AUD/USD tend to track Nasdaq direction, so the index's stabilisation limited downside. Traders should watch whether equity resilience persists into the next US data releases, as a renewed tech-led risk-off move would typically lift the yen and Swiss franc while capping high-beta currencies.