The Euro continued its upward trajectory, posting modest gains in overnight trading. Opening this morning at 1.1561 against the US Dollar, the Euro looks relatively reactionary at present, turning to its counterpart for direction. Domestically, the economic calendar remains light-on.
The biggest news to impact the Euro was President Trump’s announcement that he would slap a 25% tariff on all cars from the European Union. Immediately the market responded with a small decline to kick off the session. Fortunes improved for the Euro however when the FOMC released their meeting minutes. The primary focus was that the September rate hike is almost 100% priced in, even as the FOMC has significant concerns on trade disruptions. The market responded to the meeting minutes negatively, with the USD marginally falling across the board. Overall, it was a day of limited movements, and trading conditions continued to be light.