Euro Drops Amid EU-US Trade War Concerns
13 Março 2025 - 4:10AM
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The euro weakened against other major currencies in the European
session on Thursday, as investors remain cautious about the outlook
for the EU-US trade relationship.
Markets weigh on macroeconomic concerns against optimism that
U.S. negotiators could secure a ceasefire in the Ukraine war.
U.S. President Donald Trump threatened on Wednesday to escalate
a global trade war with further tariffs on European Union goods
after the EU hit back with import duties on €26 billion worth of
American goods "matching the economic scope of the U.S.
tariffs."
Canada also responded with 25 percent new tariffs on U.S.-made
goods worth C$30 billion (€19 billion) effective at midnight New
York time on Thursday, matching the U.S. tariffs "dollar for
dollar."
Trump's hyper-focus on tariffs has rattled investors, consumers
and business confidence and sparked U.S. recession fears.
Investors are anticipating the German leaders' meeting to
discuss a proposal for debt restructuring to boost defense spending
and stimulate economic growth.
In economic news, data from Eurostat showed that euro area
industrial production increased more than expected in January.
Industrial output grew 0.8 percent on a monthly basis in January,
reversing a 0.4 percent fall in December, Eurostat reported. Output
was expected forecast to climb 0.5 percent. On a yearly basis,
industrial production remained flat in January after declining 1.5
percent in December.
In the European trading today, the euro fell to 3-day lows of
0.8388 against the pound and 1.5620 against the Canadian dollar,
from early highs of 0.8405 and 1.5672, respectively. If the euro
extends its downtrend, it is likely to find support around 0.82
against the pound and 1.49 against the loonie.
Against the Swiss franc, the U.S. dollar and the yen, the euro
slipped to 2-day lows of 0.9573, 1.0860 and 160.43 from early highs
of 0.9605, 1.0898 and 161.52, respectively. The euro may test
support near 0.93 against the franc, 1.03 against the greenback and
155.00 against the yen.
Looking ahead, U.S. building permits for January, PPI for
February and U.S. weekly jobless claims data are slated for release
in the New York session.
Euro vs US Dollar (FX:EURUSD)
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