Breaking: EUR/USD jumps above 1.12 on reports saying Trump will delay tariffs on auto imports

FXStreet Team FXStreet

Citing sources with direct knowledge of the matter, Bloomberg reported that U.S. President Trump was planning to delay tariffs on European car imports for six months. With the initial market reaction, the EUR/USD pair spiked to a daily high of 1.1223 and was last seen trading at 1.1210, adding 0.06% on a daily basis.

This development seems to be helping the market sentiment improve as well, which allowed the USD/JPY pair to recover its daily losses and advance above 109.50.

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FXStreet

EUR/USD revisits 1.1780, or daily lows

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to reach daily troughs on Thursday. The pair’s decline comes in response to a sudden bout of USD strength amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD makes a U-turn, challenges 1.3500

GBP/USD rapidly leaves behind Wednesday’s strong advance, putting the 1.3500 support to the test on Thursday. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold sticks to the bid bias, flirts with $5,200

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The precious metal adds to Wednesday’s optimism despite the Greenback trades in a firm fashion, although geopolitical tensions in the Middle East keep the yellow metal bid for now.