Global trade war fears are back in focus after news that the Trump administration was pursuing the metal tariffs against the EU, Canada and Mexico. While the news has led to a slide in the S&P 500 and Dow, the U.S. dollar received only little attention. The greenback is still seen as the top reserve currency but whether it can hold that title in the future remains an open question.
The euro received a slight boost from updates from Italy that an election is basically off the table. The Italian Five-Star Movement and the League parties have reached a new agreement on a possible coalition government. Prime Minister Giuseppe Conte accepted an offer to form a new government with the Eurosceptic Paolo Savona who has been named as EU affairs minister.
Today, all eyes will turn to the U.S. Non-Farm Payrolls report due at 12:30 UTC. The U.S. economy is expected to have added 190K jobs in May while wages are expected to post modest upticks. An upside surprise in any headline figure of the report could spur the dollar’s strength.
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