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28 February 2025,02:09
Trade Of The Day
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28 February 2025, 02:09
* Tariff Drag: The euro weakened against the dollar, falling below 1.0400 for the first time in nearly two weeks as concerns over potential U.S. tariffs on European goods continued to weigh on the currency. Shortly after confirming that the planned tariffs would take effect in April, U.S. President Donald Trump unexpectedly altered the timeline for import taxes on key trade partners, stating that tariffs on Canada and Mexico would proceed as scheduled on March 4, while additional levies on European goods remain set for early April. Trump also took to social media to criticize Europe’s trade policies, suggesting that European VAT taxes act as de facto tariffs on U.S. goods, reinforcing expectations of further “reciprocal” tariffs on EU imports. Meanwhile, strong U.S. economic data further pressured the euro, with GDP growth reaching 2.4% quarter-over-quarter, exceeding the 2.2% estimate, while the annualized rate remained steady at 2.3%.
* Technical Breakout: EURUSD was traded lower while currently testing the support level 1.03850. MACD which illustrate bearish momentum signal suggest the pair to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.03100. Conversely, a potential reversal is also to be expected and the price could head back towards the level 1.04550.
Looking ahead, traders will closely monitor the upcoming Core PCE Price Index, a key inflation gauge, for further market direction.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Eurozone data, global market updates, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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28 February 2025, 02:09 Euro Declines Under Tariff Pressure
27 February 2025, 02:33 Gold Declines as Geopolitical Tension Fears Ease
25 February 2025, 02:09 Crude Oil Fell on U.S. Economic Worries and Trump Tariffs
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