Euro Edges Up from 3-Week Low
The euro edged up to $1.031, recovering slightly from a three-week low, as investors reacted to the EU’s firm stance against US tariffs on European steel and aluminum.
The EU vowed to retaliate against US tariffs on European steel and aluminum, with European Commission President Ursula von der Leyen calling them "unjustified" and promising firm countermeasures. German Chancellor Olaf Scholz warned that Europe would respond "within an hour" if tariffs were imposed. US President Donald Trump on Monday ordered a 25% tariff on steel and aluminum imports.
Meanwhile, the ECB recently cut rates and hinted at further easing in March, with markets now expecting the deposit rate to fall to 1.87% by year-end. In contrast, strong US jobs data reinforced the Federal Reserve’s stance of keeping rates steady for now.
Source: Trading Economics