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EUR/USD climbs to around 1.1080 in Friday’s early European session, adding 0.67% on the day.  Trump announced a 20% tariff on European Union imports, effective on April 9.  Money markets have priced in nearly 80% odds of a 25 bps ECB rate cut in April.  The EUR/USD pair trades in positive territory for the third consecutive day around 1.1080 during the early European session on Friday bolstered by the broader US Dollar weakness. Investors await the German Factory Orders and US employment report, which will be published later on Friday.  US President Donald Trump on Wednesday unveiled sweeping global tariffs of at least 10% on goods imported from most US trading partners. The Trump administration plans to impose a 20% tariff on EU goods and higher duties on some of the country’s biggest trading partners. The tariffs will take effect on April 9.  Worries about the impact of an escalating global trade war and a slew of weaker-than-expected US data raise the fear of a sharp global economic slowdown. This, in turn, drags the USD lower and acts as a tailwind for EUR/USD.  Across the pond, the markets increased their bets on future European Central Bank (ECB) rate cuts on Thursday as the tariff announcement by Trump increased fears of a trade war that would hurt the Eurozone growth. Money markets have priced in a nearly 80% possibility of a 25 basis points (bps) ECB rate cut in the April meeting, according to the Reuters poll.  The rising expectation of ECB rate reduction could weigh on the shared currency in the near term.  Euro FAQs The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31%…

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Filed under: News - @ April 4, 2025 6:16 am