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2025-08-01 15:38:19
[Euro Holds Steady Above $1.14] ⑴ The euro remained near $1.14 against the dollar, near its lowest level since mid-June. The euro fell 3% in July, its first monthly decline of the year. The latest US tariff policy has raised the effective tariff rate from 2% at the beginning of the year to approximately 15%, the highest since the Smoot-Hawley Tariff Act of the 1930s. ⑵ Tariffs on Canadian imports rose to 35% (from 25% previously), and tariffs on Swiss imports rose to 39%. The EU reached an agreement before the August 1 deadline, subjecting exports to the US to a 15% tariff. Markets are pricing in a 90% probability of a 25 basis point interest rate cut by the European Central Bank before March 2026.
