EUR/USD, GBP/USD face pressure as German, French trade data show tariff impact
EUR/USD has slipped 0.2% to 1.0780 while GBP/USD trades down 0.15% to 1.2650 as German and French trade figures for December reveal the initial impact of US tariff policies. Germany's trade surplus narrowed to €12.3 billion in December from €13.7 billion previously, with exports to the US declining 3.2% month-over-month. France reported a wider trade deficit of €7.8 billion, expanding from €6.9 billion, as exports fell 2.1% while imports rose 0.8%. The data suggests European exporters are already feeling the pinch from protectionist measures, potentially limiting ECB's ability to maintain hawkish stance. Technical analysis shows EUR/USD testing support at 1.0775, with resistance at 1.0820. Traders are monitoring whether deteriorating trade dynamics could prompt more aggressive ECB easing, which would further pressure the euro against the dollar in coming sessions.
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