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
The EUR/USD pair recorded a slight decline on Thursday (September 11th), trading at 1.1695, but remained within the previous day's narrow range at the start of the European session. Investors were rel...
EUR/USD recorded a slight gain at 1.1760 after a two-day rally on Tuesday. The US dollar remained on the defensive as investors anticipated a sharp downward revision to US employment figures, although...
The EUR/USD pair strengthened, trading near 1.1715 at the open of the European session on Monday (September 8th). The common currency received support from a weakening US dollar following Friday's poo...
EUR/USD trades marginally lower on the day at around 1.1650 on Thursday. The data from the US showed that private sector payrolls rose 54,000 in August, missing the market expectation of 65,000 and he...
The EUR/USD pair traded slightly lower at 1.1650 at the opening of the European session on Thursday (September 4th). The pair continues to search for direction, not far from the lower end of its tradi...
Gold prices continue to approach $3,650 per ounce and are poised for a fourth weekly gain. This was fueled by expectations that the Federal Reserve will cut US interest rates, as inflows into gold-backed ETFs increased. Silver also rallied,...
Hong Kong shares surged 375 points, or 1.4%, to 26,405 on Friday morning's trade, reversing losses in the prior session and hitting their highest in over four years. The rally was broad-based, tracking a global rally after Wall Street's S&P 500...
The US dollar weakened on Friday after a surge in jobless claims and a moderate rise in inflation made markets increasingly confident that the Fed would cut interest rates next week—and possibly further thereafter. The dollar index stood at 97.585,...
The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...
The US Bureau of Labor Statistics reported on Tuesday that the preliminary estimate of the Current Employment Statistics (CES) national benchmark...
The International Monetary Fund on Thursday said the Federal Reserve has scope to lower interest rates because of the weakening U.S. labor market,...