EUR/USD drops on US-EU trade deal uncertainty, dollar gains strength
EUR/USD declined 0.4% to 1.0820 during European trading as initial optimism over the US-EU trade agreement gave way to domestic backlash. The proposed 0% tariff framework faces resistance from EU member states, with Germany's industry association warning against normalizing such deals and France calling it merely temporary stability. EU's Sefcovic confirmed the tariff list remains open to additions, suggesting negotiations are incomplete. The dollar index strengthened 0.3% as traders reassessed the deal's viability. Meanwhile, US-China trade talks are set to begin in Stockholm, with reports indicating the US may ease technology export restrictions to secure an agreement. Technical indicators show EUR/USD testing support at 1.0815, with resistance at 1.0865. The pair's near-term direction depends on further trade developments and upcoming ECB policy guidance.
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