Euro fell on the European market on Wednesday against a basket of global currencies, continuing losses for the second day in a row against the US dollar, with the correction and profit taking from the highest level in four weeks, this comes amid investors’ assessment of the new protection measures announced by the US administration, NATO summit to kick off European leaders will gather with US President Donald Trump, who is expected to discuss ways to resolve recent trade disputes between the EU and the United States.
EURUSD fell more than 0.1% at 07:52 GMT, trading at $ 1.1730, the opening price of $ 1.1744 and a high of $ 1.1746 and a low of $ 1.1721.
The euro ended yesterday’s trading lower by less than 0.1% against the dollar, the first loss in six days, in a correction and profit taking, after the previous day recorded a four-week high of $ 1.1790.
USD index rose 0.1% on Wednesday, extending for a third straight day, reversing the greenback against a basket of major and minor currencies, especially those with strong trade ties with China.
Where the US administration announced that it is about to impose new tariffs of about 10% on Chinese goods worth $ 200 billion, comes a few days after the entry of a new customs tariff on Chinese goods about $ 34 billion.
US Trade Representative Robert Laetzer said the proposed implementation of the new tariffs would take two months, which would prompt the public to comment on the proposed tariffs before finalizing the list of Chinese goods.
The US administration will step up its unilateral trade protection measures ahead of a NATO summit in Brussels on Wednesday. European leaders will gather with US President Donald Trump, who is expected to discuss ways to resolve recent trade disputes between the EU and the United States.