- The political and financial climate in the US has taken center stage, particularly in the absence of significant macroeconomic reports.
- US President Donald Trump has hinted at implementing new taxes on nations that enforce digital taxes on American firms.
- The EUR/USD pair is currently trading near the lower end of its weekly range, showing signs of increased downward pressure.
On Tuesday, the EUR/USD pair showed limited movement, staying above the 1.1600 threshold, yet it struggled to push past the intraday high around 1.1660. It seems to hover close to 1.1630 as the American afternoon settles in, and there’s no distinct trend emerging.
Investors are holding on to a somewhat optimistic outlook during the US trading session, despite unsettling news from the White House. President Trump has threatened to impose additional tariffs on nations applying digital taxes to US tech firms. He stated, “I have informed all countries that I, as President of the United States, will introduce a significant extra fee on exports to the US unless these discriminatory practices are revoked.”
In a related development, Trump has opted to dismiss Governor Lisa Cook amidst allegations regarding irregularities in her mortgage application. Cook, however, has contested her removal, asserting that Trump has no right to do so. This conflict may lead to a legal battle, raising further questions about the Federal Reserve’s autonomy.
With scarce macroeconomic data on the calendar this week, many traders are now looking to political and financial news for guidance. The primary economic indicator to be released this week is the US Personal Consumption Expense (PCE) price index, which is expected on Friday—this may be a key measure of inflation that the Fed closely monitors.
Technical outlook
The daily chart for the EUR/USD indicates it’s slightly above the 20-period Simple Moving Average (SMA), showing a lack of clear direction. Meanwhile, the technical indicators are stagnating around neutral levels. Immediate support is found at last week’s low of 1.1602, with a further drop below this point possibly triggering sell-offs. Conversely, resistance stands at 1.1700, aiming towards the week’s peak of 1.1741.
Today’s Euro Price
The following table outlines the exchange rates of the euro (EUR) against various currencies. Notably, the euro has shown the strongest performance against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.14% | -0.15% | -0.31% | -0.16% | -0.22% | -0.21% | -0.16% | |
| EUR | 0.14% | 0.06% | -0.07% | -0.01% | -0.02% | 0.17% | 0.01% | |
| GBP | 0.15% | -0.06% | -0.12% | -0.03% | -0.03% | 0.11% | -0.05% | |
| JPY | 0.31% | 0.07% | 0.12% | 0.07% | -0.03% | 0.26% | -0.06% | |
| CAD | 0.16% | 0.01% | 0.03% | -0.07% | -0.04% | 0.16% | -0.14% | |
| AUD | 0.22% | 0.02% | 0.03% | 0.03% | 0.04% | 0.00% | -0.11% | |
| NZD | 0.21% | -0.17% | -0.11% | -0.26% | -0.16% | -0.01% | -0.16% | |
| CHF | 0.16% | -0.01% | 0.05% | 0.06% | 0.14% | 0.11% | 0.16% |
The provided map indicates the changes in rates among major currencies. The base currency is noted in the left column, while the compared currency is shown along the top row. For instance, if you choose Euro from the left column and follow the row to US dollars, the rate displayed represents EUR (base) to USD (quote).
