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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Platform]: Trump postpones taxes on the EU, and the US dollar will continue to weaken this week." Hope it will be helpful to you! The original content is as follows:
In the European session on Monday, May 26, the dollar continued to weaken against major currencies at the beginning of the new week as investors remained cautious about the outlook for economic growth following the latest tariff threat from US President Donald Trump. U.S. stock and bond markets will continue to be closed in honor of Monday’s Memorial Day holiday.
President Trump said Friday he recommended a "direct 50% tariff" on goods imported from the EU, adding that their discussion ended ineffective. Additionally, he noted that he is planning to impose tariffs on non-US-made Apple iPhones and suggested they could take similar measures on Samsung products. The U.S. dollar index continued to decline on Friday, down nearly 2% this week.
President Trump announced on Sunday that he agreed to extend the EU's 50% tariff deadline to July 9 after a phone call with European vifu.netmission President Ursulavonder Leyen. Nevertheless, the U.S. dollar index continued to fall in early Monday, with its last trading at its lowest level in a month around 98.80, down about 0.3% on the day. Meanwhile, U.S. Senator Ron Johnson told vifu.netN News on Sunday that he thinks they will have enough votes to block President Trump's spending/tax cut bill until he takes spending cuts and deficits seriously.
Euro/USD benefited from widespread weakness in the US dollar and hit a multi-week high above 1.1400 in early trading on Monday. Later in the meeting, ECB President Christina Lagarde (Christine Lagarde) plans to speak.
The GBP/USD continued its uptrend after rising nearly 2% last week and traded above 1.3550, its highest since February 2022.
The USD/JPY remained relatively calm after falling more than 2% last week and fluctuated in a narrow channel below 143.00.
The USD/Canadian continues to be under bearish pressure after a sharp decline in the previous week and fell below 1.3700 for the first time in 2025.
AUD/USD maintained bullish momentum after rising more than 1% on Friday and hit a 2025 high above 0.6500.
Gold used safe-haven funds to flow and recorded a considerable increase last week. Gold/USD corrected lower on Monday morning, trading below $3,350.
Euro: Intraday bias in Euro/USD remains upward as it is rising from 1.1064 to retest 1.1572. The decisive breakthrough will resume a larger uptrend, forecasting 61.8% of 1.0176 to 1.1572 from 1.1064 to 1.1927. On the downside, the secondary support level below 1.1255 will first make the intraday bias neutral again.
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