By 6:05 PM Lisbon time, the euro was trading at 1.1038 dollars, compared to 1.0851 dollars at the same time on Wednesday.
During today’s session, the euro reached a high of 1.1111 dollars.
The euro also appreciated against the pound but depreciated relative to the yen.
The European Central Bank (ECB) set the euro’s reference exchange rate at 1.1097 dollars.
U.S. President Donald Trump announced on Wednesday the imposition of a global base tariff of 10% on all countries deemed to be creating trade barriers against American products, adding an additional tariff for those considered “worst offenders.”
A 20% tariff will be applied to all imports from the European Union, adding to existing tariffs of 25% on the automotive, steel, and aluminum sectors.
The European Commission will begin negotiations with Washington on Friday regarding the tariffs that the United States plans to impose on imports of European Union products, announced the European Trade Commissioner, Maros Sefcovic, in a social media message.
In its monetary policy meeting held in early March, the European Central Bank’s Governing Council expressed confidence that the tariffs would increase inflation in the short term as companies raise prices, according to the meeting’s minutes.
Ifo experts predict that the German economy will be affected in several ways by this U.S. tariff policy, starting with reduced exports to the U.S. and possibly a decrease in exports to China due to reduced Chinese competitiveness.
The U.S. Department of Labor released unemployment benefit claims today, revealing a drop to 219,000 in the week ending March 29, lower than the 226,000 new claims anticipated by analysts.
Currencies………….Today………….Wednesday
Euro/Dollar……….1.1038…………….. 1.0851
Euro/Pound……….0.84218…………… 0.83656
Euro/Yen………..161.31……………. 162.98
Dollar/Yen……….146.14…………….. 150.19
