FX.co ★ Euro Extends Losses

The euro depreciated to below $1.13, marking its lowest point in over a week, as the dollar experienced broad strengthening. This dollar surge followed a federal trade court decision nullifying President Donald Trump's reciprocal tariffs on global imports and mandating the cessation of their collection. This ruling alleviated investor fears regarding an intensifying trade conflict. Additionally, President Trump delayed a proposed 50% increase on EU imports until July 9th, shortly after announcing the measure was initially set to begin on June 1st. As for monetary policy, the European Central Bank is gearing up to release its policy decision next week. While another rate cut is widely expected by analysts, some ECB officials have recently taken a more hawkish stance, suggesting a pause in further easing measures. In other economic developments, data revealed an unexpected slowdown in France's inflation rate for May.