Euro "thanks" EU-US pact/ European currency rises after tariff agreement
The euro rose on Monday after news of a framework trade pact between the United States and the European Union. U.S. President Donald Trump and European Commission President Ursula von der Leyen said the agreement would impose a 15% import tariff on EU goods, half the rate Trump had threatened from Aug. 1.
The euro was up 0.1% at $1.1753 after initially gaining 0.3%. The European currency rose 0.2% to 173.64 yen, climbing to its highest level in a year for the fifth straight session.
As concerns about the economic fallout from punitive tariffs ease, investors' attention is shifting to corporate earnings and central bank meetings in the United States and Japan in the coming days. "It could be a positive week, just from the fact that we now know the rules of the game," analysts explain.
"Now that there is more clarity, not just in the United States but across the globe, there will be a little more willingness to invest, to look at expansions and to look for opportunities," they add.
Trump said the EU planned to invest about $600 billion in the United States and significantly increase purchases of American energy and military equipment. The pact is similar to one reached with Tokyo negotiators last week, under which Japan would invest about $550 billion in the United States, along with a 15% tariff on its cars and other imports.
Many analysts in Europe still see the 15% base tax as too high, compared with the bloc's initial hopes for a zero-tariff deal. The deal's investments will attract capital flows out of Europe, strengthening the dollar against the euro, they explain.
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