EUR/USD fell on Monday (07/07) during the North American session amid a push to avoid risk, due to the escalating trade war, as US President Donald Trump began sending letters containing tariffs on several countries. This pushed the US dollar, hurting the common currency, which was trading at 1.1718, down 0.44%.
Trump announced a 25% tariff on all Korean and Japanese products imported into the US. In addition, he imposed duties on Malaysia, Kazakhstan, Myanmar, Laos, and South Africa in the range of 25% to 40%. As the headlines broke, EUR/USD dropped to a six-day low of 1.1686.
However, Reuters reported that the European Union (EU) would not accept a letter imposing higher tariffs from the US, which pushed EUR/USD back above 1.1700 against its current exchange rate.
Meanwhile, US economic data is yet to be released on Monday and Tuesday. Traders are awaiting the release of the Federal Open Market Committee (FOMC) June Meeting Minutes. In the European Union, German Industrial Production figures for May showed a slight increase, as reported by the German Federal Statistical Office. (alg)
Source: Fxstreet
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