Explore eFXplus Derived Data That Drive Results
A Data Partner of:
Refinitiv
Jan 06 - 03:55 PM

EUR/USD - US Recap: EUR/USD Rallies Even After Trump Denies Softer Tariffs Story

By Burton Frierson  —  Jan 06 - 02:10 PM

Jan 6 (Reuters) - The dollar fell on Monday as most other major currencies rallied following a report indicating that the incoming U.S. administration would adopt a lighter touch in tariff policy than expected, and kept much of its losses even after President-elect Donald Trump refuted the story.

U.S. President-elect Donald Trump denied the newspaper report that said his aides were exploring tariff plans that would only cover critical imports, saying it incorrectly stated that this aspect of his trade policy would be pared back and calling it an "example of Fake News."

The yen was an exception to the rising tide against the dollar, with USD/JPY eking out modest gains.

BOJ Governor Kazuo Ueda said on Monday the central bank will raise interest rates further if the economy continues to improve, though he stressed the need to consider various risks when deciding how soon to pull the trigger.

The Trump tariff story caught a market preparing for a heavy week of economic data, including Friday's non-farm payrolls report.

U.S. S&P Global December final composite PMI came in at 55.4 versus the flash estimate of 56.6. The services index registered 56.8 compared to the flash result of 58.5.

U.S. factory orders fell more than expected in November.

U.S. Treasury yields held steady to lower at the front end but rose 2-4bp in maturities of five years and longer.

The S&P 500 rose 0.66%, helped by optimism around AI boosting semiconductor stocks, as well as the talk of a less aggressive stance on tariffs.

WTI crude fell 0.95%, surrendering earlier gains to a 12-week high that had come as a winter storm boosted demand for energy to heat U.S. homes and businesses.

Copper rallied 2%, helped by the tariffs report, and gold eased 0.18%.

Heading toward the close: EUR/USD +0.74%, USD/JPY +0.13%, GBP/USD +0.74%, AUD/USD +0.38%, DXY -0.6%, EUR/JPY +0.88%, GBP/JPY +0.85%, AUD/JPY +0.5%.(Burton Frierson)

Source:
London Stock Exchange Group | Thomson Reuters

Subscription

  • eFXplus
  • End-user license agreement (EULA)

About

  • About
  • Contact Us

Legal

  • Terms of Service
  • Privacy Policy
  • Disclaimer
© 2025 eFXdata · All Rights Reserved
!