The EUR/USD pair strengthened near 1.0780 during Asian trading hours on Wednesday (3/26). The greenback weakened against the euro (EUR) on weak US economic data and uncertainty surrounding US President Donald Trump's trade policies ahead of a new round of tariffs next week. The US Durable Goods Orders report for February is due on Wednesday.
Weak confidence data and concerns about an economic slowdown in the United States could drag the US dollar (USD) lower. Data released by the Conference Board on Tuesday showed that US consumer confidence fell to its lowest level in more than four years in March, showing how the uncertainty is weighing heavily on households.
Continued uncertainty over Trump's reciprocal tariff plans for next week could weaken the greenback in the near term. Trump said on Monday night that not all levies would be in place by the April 2 deadline, and that some countries would get waivers, without providing further details. "There is a growing underlying anxiety in the market ahead of next week's trade policy announcements from the Trump administration," said Kyle Rodda, senior financial markets analyst at capital.com.
However, dovish comments from European Central Bank (ECB) policymakers may weigh on the EUR. ECB Governing Council Chairman Francois Villeroy de Galhau said late Tuesday that there is still room to cut interest rates further, and the 2.5% deposit rate could fall to 2% by the end of the summer. (Newsmaker23)
Source: FXstreet
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