Euro Rises, Bitcoin Breaks $110K After Trump Delays EU Tariffs
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On Sunday (May 25), US President Donald Trump announced that he would postpone the deadline for 50% tariffs on EU imports to July 9. The news triggered gains in both US and European stock index futures, and the euro rose, reflecting the improvement in market sentiment.
Dollar Weakens, Euro Rises
As US-EU trade accounts for 30% of global GDP, investors welcomed the easing of concerns about a global economic slowdown.
The US dollar index, which measures the US dollar against six major trading currencies, fell to a one-month low of 98.70 during Asian trading hours on Monday. The index is approaching the multi-year low of 97.95 set in late April.
"It still is largely a 'sell dollar story'," said Christopher Wong, currency strategist at OCBC Bank.
"The policy unpredictability surrounding Trump's tariffs and of course, the erosion of the U.S. exceptionalism, this could potentially still undermine sentiment and the confidence in the medium term."
EUR/USD benefited from the general weakness of the US dollar and broke through 1.1400 in early European trading on Monday, hitting a multi-week high. ECB President Christine Lagarde is set to speak later today.
Gold Falls, Bitcoin Breaks $110K Again
Gold prices softened at the start of the new week as trade optimism pushed bulls to be cautious. Gold prices surged nearly 5% last week on safe-haven demand.
On the contrary, the overall cryptocurrency market reacted positively in early Asian trading hours, with major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) all rising slightly. Among them, Bitcoin once again broke through $110,000.
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