• EUR/USD gains traction to around 1.1065 in Wednesday’s early European session. 
• Trump’s new reciprocal tariffs took effect on Wednesday. 
• ECB is expected to cut rates in April and June as tariffs threaten recession. 

The EUR/USD pair rises to near 1.1065 during the early European session on Wednesday. The US Dollar (USD) weakens against the Euro (EUR) after US President Donald Trump’s tariff policy takes effect. Later on Wednesday, traders will take more cues from the release of the FOMC Minutes.  Also, the Federal Reserve’s (Fed) Thomas Barkin is set to speak on the same day. 

A new round of steep tariffs imposed by Trump took effect on Wednesday morning on products imported from scores of countries around the world. Overall, imports from 86 nations face tariff increases ranging from 11% to 84%. The escalating global trade tensions and fears of a recession triggered by Trump’s tariff policy drag the USD lower and create a tailwind for EUR/USD. 

Across the pond, the rising bets that the European Central Bank (ECB) will cut borrowing costs next week and again in June as Donald Trump’s sweeping tariffs risk pushing the bloc into recession might cap the upside for the shared currency. Investors are now pricing in a nearly 90% odds of a quarter-point cut in interest rates at the next ECB rate-setting meeting on April 17, according to Bloomberg data, up from 70% before. 

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