EU's Malmstrom: Looking into safeguards of steel and aluminum, first measures could come in July

Eren Sengezer FXStreet

Speaking to Reuters in Geneva, European Trade Commissioner Malmstrom said that they were looking into safeguards of steel and aluminum and added that first measures could come in as early as July.

Key quotes (via Reuters)

U.S. tariffs on cars would be extremely unfortunate, potentially with "even bigger" EU countermeasures than in steel and aluminum.
U.S. view of national security in trade is very innovative, and hard to understand.
They seem to want to include anything.
If the U.S. wants to stop world trade organization dispute system, it is on the right track, U.S. not been willing to engage with EU on this.
Could be a possibility of a "plan b" to unblock WTO dispute settlement system but we are not really there yet.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD edges lower below 1.1650 as Middle East tensions fuel US Dollar strength

The EUR/USD pair trades in negative territory around 1.1635 during the early Asian session on Thursday. The US Dollar strengthens against the Euro as escalating Middle East conflict boosts safe-haven flows. Traders brace for the Eurozone Retail Sales and US weekly Initial Jobless Claims reports, which will be released later on Thursday.

GBP/USD tests key moving averages as growth downgrade weighs

GBP/USD was nearly flat on Wednesday, edging up 0.08% to settle around 1.3370 in a quiet session. The pair has fallen sharply from its late-January high near 1.3870 and is now testing the 200-day Exponential Moving Average, with this week's one-week forex heatmap showing Pound Sterling as one of the worst performers against the US Dollar, down about 1.4% on the week.

Gold re-attempts $5,200 amid a softer USD; reduced Fed rate cut bets cap gains

Gold bounces toward $5,200 for the second consecutive day on Thursday amid a modest US Dollar weakness. Wednesday's upbeat US macro data further tempered hopes for three rate cuts by the Fed in 2026. Furthermore, escalating Middle East tensions might continue to benefit the USD's status as the global reserve currency and contribute to capping the bullion.