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- EUR/USD edges higher to around 1.1395 in Tuesday’s Asian session.
- The Euro hits its highest since late April after Trump delayed the imposition of 50% tariffs on European Union shipments.
- Concerns over the mounting US national deficit exert some selling pressure on the Greenback.
The EUR/USD pair trades in positive territory near 1.1395 during the Asian trading hours on Tuesday. The Euro (EUR) edges higher to the highest since late April against the US Dollar (USD) after US President Donald Trump delayed the imposition of 50% tariffs on Europe. The US Conference Board’s Consumer Confidence for May will be published later on Tuesday.
Reuters reported on Sunday that Trump announced his decision to delay EU tariffs until July 9 after a call with European Commission President Ursula von der Leyen. The development offers some relief to markets and provides some support to the shared currency against the USD.
“Following Trump’s latest U-turn, we will, of course, have to wait and see what happens next. It is possible that a deal with the European Union will be reached by 9 July,” said Commerzbank currency strategist Michael Pfister.
Trump’s dubbed “Big, Beautiful Bill,” which is calculated to add about $3.8 trillion to the federal government’s $36.2 trillion in debt over the next decade. This fuels concerns over the mounting US national deficit and continues to undermine sentiment towards US assets, including the USD.
Traders will closely monitor the progress of US trade policy, as July 9 is the end of the 90-day pause on Trump’s April 2 “Liberation Day” levies on the EU. Any signs of escalating trade tension could weigh on the Euro against the USD.
