The USD slowed down its attack. Overview for 02.03.2018

The main currency pair reached stability on Friday; investors are analyzing Donald Trump’s initiatives.

On Friday morning, EURUSD is consolidating after several rather volatile trading sessions. The current quote for the instrument is 1.2260.

The USD, which earlier reached the highest levels over the last 6 weeks, stopped its growth right after Donald Trump had introduced 25% import duty for steel and aluminum. It’s quite clear why he did it: all efforts of Trump’s executive office are focused on promoting all sectors of the American industry.

However, investors took this piece of news as a possibility of new economic warfare in the financial world and, as a result, it put pressure on the USD.

On one hand, manufacturers in the USA will stand to gain from this decision. On the other hand, this might be not very good for consumers, because manufacturers may include the duty into the ultimate price.

By introducing this import duty, Trump continues to implement his pre-election promises that he made during his electoral campaign.

RoboForex Analytical Department