The EUR/USD pair weakened near 1.0380 on Tuesday (1/7) during Asian trading hours. The greenback moved higher after President-elect Donald Trump said that his tariff policies will not be reduced. Traders are gearing up for the preliminary Eurozone Harmonized Consumer Price Index (HICP) and the US ISM Services Purchasing Managers' Index (PMI) for December, due on Tuesday.
Trump denied a Washington Post report that his aides were considering narrowing his tariff plans to only apply to a limited number of essential imports. Traders will be closely monitoring developments surrounding Trump's tariff plans. Analysts believe that if US tariffs are generally lower than Trump promised on the campaign trail and only target "essential" sectors, then the global growth outlook will improve and the USD will weaken.
Across the ocean, stronger-than-expected PMI data from Spain, Italy, France, Germany and the Eurozone could help limit EUR losses. Additionally, the preliminary German CPI, which came in higher than expected in December, provided some support to the EUR as markets trimmed bets for European Central Bank (ECB) easing. However, political instability in Europe and the threat of a US trade war could drag the common currency lower against the USD. (AL)
Source: FXStreet
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