EUR/USD halts its three-day losing streak, trading around 1.1700 during the Asian hours on Monday. The pair gains ground as the US Dollar (USD) loses ground due to escalating global trade tensions. On Saturday, US President Donald Trump announced a 30% tariff on imports from the European Union (EU) and Mexico starting August 1. He also proposed a blanket tariff rate of 15%-20% on other trading partners, an increase from the current 10% baseline rate. In response, the European Union announced on Sunday that it will extend its pause on retaliatory measures against US tariffs until early...
The Australian dollar weakened to around $0.656 on Monday, reversing gains from the previous week, as renewed tariff threats from US President Donald Trump stirred fears of potential global trade war. Trump announced a 30% tariff on imports from the European Union and Mexico starting August 1, while also signaling the possibility of further duties on other countries and urging trading partners to return to the negotiating table. In a related move, Trump proposed a steep 200% tariff on Australian pharmaceuticals, sparking concern among Australian industry leaders and government officials, as...
The Japanese yen appreciated toward 147 per dollar on Monday, recouping some losses from last week as investors responded to renewed global trade concerns. The move followed President Donald Trump's announcement of a 30% tariff on imports from the European Union and Mexico, set to take effect on August 1. In response, EU and Mexican leaders signaled their intent to continue negotiations with the Trump administration this month in hopes of securing a lower tariff rate. The EU is also reportedly expanding talks with other nations impacted by the tariffs, including Canada and Japan,...