EUR/USD slides on Asian opening as Trump enforces CAMEX tariffs

Early on Friday evening, at approximately 5.08pm GMT the news agency Reuters ran a headline stating that no US trade tariffs on Canada and Mexico would come into force until March 1. That news sent the EUR/USD to session highs. Earlier it had based at 1.0360. This headline sent it up to a session high at 1.0434. Well, around an hour later the White House came out and said the Reuters report was incorrect and those trade tariffs could come into effect the very next day, on February 1. Well, as you might expect, the whole Euro rebound was completely upended following that news. The EUR/USD dropped back towards the lows seen earlier in the afternoon. Further comments from Trump later on Friday evening helped to ensure there was no significant rebound either and not long ahead of the close the EUR/USD hit a new low on the week, at 1.0350. It later closed at 1.0362. Trump later said that Europe is next in the firing line for US sanctions. This news has not been lost on the Asian markets today. The EUR/USD officially opened in Asia last night at 1.0296 and almost immediately hit a new 2024 and 2025 low, at 1.0141. In fact it was the lowest level since November 2022. Clearly a whole raft of stops were  surely involved in that fall. The price action since then has seen the Euro attempt to push higher. The rebound high since that low was set at 1.0270. It is right now at 1.0247