The euro hovered around 1.0980 on Thursday, supported by rising trade tensions and renewed political stability in the Eurozone. Sentiment favored the currency after China raised tariffs on all U.S. goods to 84% from 34%, retaliating against Washington’s hike to 104% on Chinese imports. The European Commission also approved retaliatory tariffs on €21 billion worth of U.S. goods, including soybeans, motorcycles, and orange juice. The escalation pushed investors away from typical safe havens like the dollar and Treasuries. Political stability in Germany further supported the euro, as the CDU/CSU and SPD finalized a coalition, clearing the way for Friedrich Merz to become Chancellor next month. The ECB is also expected to cut rates by 25 basis points later this month.
Key resistance is at 1.1020, followed by 1.1100 and 1.1150. Support lies at 1.0880, then 1.0810 and 1.0730.
Key resistance is at 1.1020, followed by 1.1100 and 1.1150. Support lies at 1.0880, then 1.0810 and 1.0730.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.