The U.S. dollar fell against its major counterparts as U.S. equity futures rose following President Donald Trump's decision to postpone an increase in tariffs on the European Union.
The U.S. dollar index (DXY) initially dropped before recovering most of its losses during the day. Meanwhile, the EUR/USD pair rose by 0.5% before settling 0.1% higher at $1.1378.
On Sunday, President Trump announced he had agreed to delay a 50% tariff on European Union imports until July 9. This decision came after a conversation with the European Commission President, Ursula von der Leyen.
Trump described their call as "very nice," which led to the postponement of the tariff hike.
President Trump shared that von der Leyen expressed her desire for serious negotiations. She requested the tariff implementation day be moved from June 1 to July 9, to which Trump agreed.
The European Commission President also expressed optimism about reaching a resolution swiftly.
This decision marks a change in Trump's stance from Friday, when he stated he was "not looking for a deal" with the EU and intended to implement a 50% tariff rate on June 1.
This rate was to follow a 20% reciprocal tariff he had imposed on the EU in April, which was also delayed, along with other reciprocal tariffs.
Source: Investing.com
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