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: 2025.02.03
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ECB's Villeroy: There will likely be further rate cuts
World FX news
Breaking news
ECB's Villeroy: There will likely be further rate cuts
New
2025.02.03 16:46
2025.02.03 16:46
2025.02.03 16:46
European Central Bank (ECB) policymaker Francois Villeroy de Galhau said on Monday that US President Donald Trump's tariffs will increase economic uncertainty, calling it a "very worrying development," as reported by Reuters.
Commenting on the policy outlook, "there will likely be further rate cuts," Villeroy added.
Market reaction
EUR/USD stays under strong bearish pressure early Monday and trades below 1.0250, losing more than 1% on a daily basis.
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
Last updated
: 2025.02.03
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2025.02.03 19:01GBP: Briefly out of the line of fire - ING
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FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
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NZD/USD recovers some intraday losses, remains bearish as Trump imposes tariffs on China
The NZD/USD pair pares some intraday losses after nosediving to an over-two-year low near 0.5516 in Monday's European session.
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2025.02.03 19:34Germany's Scholz: EU can react with its own tariffs but cooperation is more important
German Chancellor Olaf Scholz said on Monday, the European Union (EU) can react with its own tariffs but cooperation is more important.
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2025.02.03 19:15EUR/USD slumps by over 1% as US President Trump reiterates tariff threats on Eurozone
EUR/USD nosedives over 1% to near 1.0240 at the start of the week.
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2025.02.03 19:13Eurozone Preliminary HICP inflation rises to 2.5% YoY in January, as expected
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2025.02.03 19:01GBP: Briefly out of the line of fire - ING
Sterling has been one of the least badly hit G10 currencies, arguably because the UK runs a trade deficit with the US and goods exports to GDP are relatively small, ING's FX analysts Chris Turner notes.
New
2025.02.03 18:58GBP/USD: Sharp drop in GBP has scope to extend - UOB Group
Sharp drop in GBP has scope to extend; the 1.2245 level is expected to provide support. In the longer run, GBP is likely to trade with a downward bias towards 1.2245, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
New
2025.02.03 18:55EUR: A clean negative - ING
The growing prospect of a global trade war and tariffs heading towards the EU is a clean euro negative, ING's FX analysts Chris Turner notes.
New
2025.02.03 18:47EUR/USD: Risk is for further Euro weakness - UOB Group
Oversold decline has not stabilized; support levels are at 1.0175 and 1.0100. In the longer run, risk is for further Euro (EUR) weakness; it remains to be seen if it can break and remain below 1.0100, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
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2025.02.03 18:35Silver price today: Silver falls, according to FXStreet data
Silver prices (XAG/USD) fell on Monday, according to FXStreet data.
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2025.02.03 18:30ECB's Šimkus: Expect a 25 bps decrease in March
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2025.02.03 18:16Disclaimer:
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