There is some positive news coming out of Europe today with the EU's Sefcovic revealing that he spoke with Commerce Sec Lutnick and that counter-tariffs will be suspended as 'meaningful negotiations' will begin.
It will be a busy 90 days but a key question is whether the US will negotiate to allow tariff rates to fall below 10%.
The euro is up 2.2% today in the largest one-day gain since 2022 as money floods out of the US. It's approaching the highs from late 2024.
I don't think this news is driving the euro rally, it's more about broad and heavy US dollar selling. The Swiss franc is putting a particularly big beating on the US dollar.
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