Euro (EUR) ticked higher vs US Dollar (USD) and was last seen at 1.1044 levels, OCBC’s FX analysts Frances Cheung and Christopher Wong note.
EU plans retaliation over US tariffs
“Daily momentum is flat while RSI shows signs of rising. Consolidation likely. Resistance here at 1.1050. Support at 1.0910 (23.6% fibo retracement of 2025 low to high), 1.0880 (21 DMA).”
“Today, EU members is expected to vote on the retaliatory package, which targets a watered-down list of EUR21bn US goods (instead of the original EUR26bn). Bourbon and wine have been dropped out of the list. This set of European tariff proposal is in response to Trump’s steel and aluminium tariffs rather than the broader tariffs.”
“EU is expected to produce a larger package of countermeasures by the end of April, as a response to the tariff on cars and broader tariffs. EU trade chief Sefcovic said the EU was ready to consider all retaliatory options. One is the EU’s Anti-Coercion Instrument, which allows it to target US services or to limit US companies’ access to EU public procurement tenders. But as of now, EU is prioritising negotiations to avert a full-fledged trade war.”
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