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The euro and U.S. dollar strengthened on Monday, buoyed by risk-on sentiment after President Donald Trump postponed a proposed 50% tariff on European Union goods. Trump set a new deadline of July 9 following a call with European Commission President Ursula von der Leyen, giving negotiators more time to finalize a trade deal.
The move eased investor concerns over a potential global economic slowdown, with the euro rising 0.3% to 162.60 yen and gaining 0.2% against the U.S. dollar to $1.1382, its highest since April 30. Meanwhile, the dollar bounced back 0.4% to 143.085 yen after a sharp 1% drop on Friday.
The Australian dollar edged up to $0.6505, its highest since May 7, while the British pound held steady at $1.3535, just shy of Friday’s peak.
Analysts say the market expects a more moderate tariff outcome despite Trump’s recent threats. “Markets have probably taken the view — and rightly so — that the final tariff level won’t hit 50%, but the path there remains uncertain,” said Ray Attrill, head of FX research at National Australia Bank.
Still, risks linger. Trump’s 25% tariff threat on iPhones manufactured outside the U.S. remains in play, continuing to unsettle investors. Additionally, concerns over fiscal policy resurfaced after Trump admitted his major tax-and-spending bill may undergo “significant” revisions in the Senate. The House version is projected to increase federal debt by $3.8 trillion over the next decade, according to the Congressional Budget Office.
The rapid policy shifts highlight the volatility of U.S. trade strategy, but the recent tariff delay offered short-term relief to markets and boosted pro-growth currencies.
