EUR/USD, GBP/USD rally as Trump delays EU tariff increases
EUR/USD surged 0.7% to 1.0920 while GBP/USD climbed 0.6% to 1.2680 after President Trump announced a postponement of planned steeper tariffs on European Union goods. The decision provided immediate relief to European currencies, which had been under pressure from trade war concerns. The Dow Jones Industrial Average rebounded 1.2% (420 points) to 35,200, while the FTSE 100 gained 0.9% as risk sentiment improved globally. Trump's announcement suggests ongoing negotiations with EU officials, potentially avoiding a damaging trade escalation. Technical analysis shows EUR/USD breaking above the 1.0900 resistance, targeting 1.0950 next, while GBP/USD eyes 1.2700 psychological resistance. The reduced tariff threat could support further European currency strength, though traders remain cautious about potential policy reversals. Near-term support for EUR/USD sits at 1.0880, with GBP/USD finding buyers near 1.2640.
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