Dollar off the boil as EUR/USD lifts from fresh interim low

As the US stock market losses deepened after the 4pm London FX fix, the dollar started to make fresh gains versus all its major counterparts, with the exception of the Yen. The EUR/USD eventually dropped below any minor support in place around 1.0763 and that led to a US close below that level, at 1.0754. The Euro fell further at the start of the Asian session today, reaching a fresh interim low, at 1.0733. However, it has managed to recover from that ahead of the European opening this morning. The EUR/USD bounced back to 1.0787 not that long ago, but it has yet to reclaim levels that might indicate the worst is over. The driver for all the fresh Euro weakness? Trump has the call on that, after he signed a proclamation implementing a 25% tariff on all car imports starting next week, on April 2. That is especially bad news for Europe and Germany and there will be more to add on that in due course. Despite the rebound this morning, the EUR/USD path remains very uncertain from here on, as the month-end looms ever closer. It is currently trading at 1.0770