EUR/USD trades cautiously as investors await whole Trump’s tariff structure
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EUR/USD wobbles around 1.0400 as the US Dollar gains ground amid concerns over global economic growth with Trump’s tariffs. ECB President Lagarde has advised that Europe should be prepared to respond to Trump’s tariff hikes. The Fed and the ECB are set to announce their first monetary policy decision of 2025 next week. EUR/USD turns sideways around 1.0400 in Thursday’s European session as the US Dollar (USD) gains ground. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, sustains above the key level of 108.00 after rebounding from the two-week low of 107.75 posted on Wednesday. The Greenback bounces back as the market sentiment turns slightly cautious, with investors assessing the consequences of United States (US) President Donald Trump’s tariffs on economic growth. Trump has threatened 25% tariff hikes on Canada and Mexico and 10% on China, which will come into effect on February 1. He also plans to impose tariffs on Europe after accusing the bloc of being “very, very bad to us”. Trump’s tariff hike approach appears to be more gradual than what market participants had anticipated. However, they would still be unfavorable to global economic growth. On Wednesday, European Central Bank (ECB) President Christine Lagarde commented on CNBC that Trump’s decision not to swiftly impose tariffs was a “smart approach” because blanket levies don’t necessarily give you the “results that you expect.” Lagarde warned that Europe must “anticipate what will happen” and be “prepared in order to respond,” as Trump’s tariffs would be “selective” and “focused.” US Dollar PRICE Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD 0.03% -0.03% -0.09% 0.04% 0.13% 0.13% 0.01% EUR -0.03% -0.07%…
Filed under: News - @ January 23, 2025 12:26 pm