The US Dollar (USD) strengthened on the first trading day of February as markets cautiously responded to US President Donald Trump's tariff announcement. Later in the European session, January inflation data from the Eurozone will be closely watched by investors. In the second half of the day, the US economic calendar will feature the ISM Manufacturing PMI data for January. Meanwhile, market participants will be watching for headlines surrounding the Trump administration's trade policies.
Trump announced on Saturday that they would impose tariffs of 25% on Mexican and Canadian imports and 10% on Chinese goods entering the US. In response, Canadian Prime Minister Justin Trudeau imposed "extensive" tariffs of 25% on US goods, worth more than $100 billion. Similarly, Mexican President Claudia Sheinbaum announced on Saturday that she was ordering retaliatory tariffs against the US. Speaking to reporters on Sunday, Trump said that he would "absolutely" impose tariffs on European imports but did not provide any details on the size or timing.
In Europe on Monday morning, US stock index futures were down between 1.5% and 2.5%. Meanwhile, the USD Index was up almost 1% on the day at around 109.50.
Source: FXstreet
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