Euro and pound rise against dollar amid ‘Trumpcession’ fears
Euro and pound rise against dollar amid ‘Trumpcession’ fears
www.theguardian.com Euro and pound rise against dollar amid ‘Trumpcession’ fears
US currency has lost all the gains it enjoyed since Trump won election and hits lowest level since mid-October
Summary
European markets rose, and the euro hit its highest level against the dollar since the US election, as fears of a US recession—dubbed “Trumpcession”—grew.
The dollar fell 0.5% against major currencies, erasing all post-Trump election gains. New US tariffs on Canada, Mexico, and China, along with possible European levies, fueled concerns.
Global markets stabilized after a sell-off, with Europe’s major indices mostly rising. UBS raised the likelihood of a US downturn to 30%.
Analysts predict further euro gains, with some expecting $1.15 by year-end.
