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USD Trading Lightly
The US dollar has traded a little lower over the first European morning of the week. Markets are digesting the news of fresh US tariffs on China. Last week, the tariffs on $200 billion of Chinese goods was raised from 10% to 25%. Trump has further ordered plans to be drawn up to tariff the remaining $300 billion of Chinese goods. There are serious concerns for both the domestic and global economy which is keeping the USD pressured. However, the index remains above the 97.10 level so far today.
EUR Benefiting From Equities Unwind
EURUSD is trading in the green again so far today. A further unwinding of long positions in EUR assets, along with a subdued USD, is keeping the pair bid. Price is continuing to move higher above the 1.1217 level though bearish trend line resistance is not too far above market.
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