Forex News: Euro Slips On Trump's Tariff Proposal

Euro Slips On Trump's Tariff Proposal

(RTTNews) - The euro fell against its major counterparts on Friday, as President Donald Trump proposed tariffs on imports from the European Union starting on June 1.

Trump claimed in a post on Truth Social that the EU has "been very difficult to deal with" and said trade talks with the bloc are "going nowhere!"

In a separate post on Truth Social, Trump also threatened to impose a 25 percent tariff on Apple (AAPL) iPhones that are not manufactured in the U.S.

Trump's tariff threats raised concerns about slowing economic growth.

The German economy logged a stronger-than-estimated growth in the first quarter, detailed report from Destatis revealed.

Gross domestic product registered a quarterly growth of 0.4 percent compared to the previous estimate of 0.2 percent expansion. This followed a 0.2 percent contraction in the fourth quarter.

The euro fell to more than 4-week lows of 161.08 against the yen and 0.9293 against the franc, from an early high of 162.75 and a 3-day high of 0.9380, respectively. The next possible support for the currency is seen around 157.00 against the yen and 0.92 against the franc.

The euro dropped to a 1-1/2-month low of 0.8380 against the pound. If the currency falls further, it is likely to test support around the 0.82 region.

The euro weakened to a 1-week low of 1.5587 against the loonie and 3-day lows of 1.7482 against the aussie and 1.8969 against the kiwi. The currency is poised to find support around 1.54 against the loonie, 1.67 against the aussie and 1.86 against the kiwi.

The euro retreated to 1.1297 against the greenback, from an early more than 2-week high of 1.1375. The currency may find support around the 1.10 level.

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