Dollar Falls, Euro Rallies Before Trump Tariff Plan
A Bloomberg gauge of the dollar fell ahead of US President Donald Trump’s reciprocal tariffs announcement Wednesday, with the plans still in flux at the White House. The euro surged to the day’s high on reports that the European Union is planning emergency measures to guard the economy from US levies.
The Bloomberg Dollar Spot Index down 0.3%, falling a second session.
Trump team is still finalizing options on levies ahead of a Rose Garden event at 4 p.m. New York time.
Low engagement from the leveraged community ahead of the announcement remains the main theme in the major currencies, according to traders in Europe and Asia.
EUR/USD gains 0.6% to 1.0861 session high; one-week risk reversals rise to some 72bp in favor of single currency.
USD/JPY gains 0.1% to 149.74; earlier, yen supported by haven buying in Asia and Europe.
Source: Bloomberg