The euro reached a five-month peak following Ukraine's agreement to a 30-day ceasefire proposal. Concurrently, the U.S. dollar hit a one-week high before weakening against the Canadian dollar. U.S. President Donald Trump increased tariffs on Canadian steel and aluminum imports to 50% after Ontario imposed a 25% tariff on electricity exports to the U.S.
Ukraine accepted a 30-day ceasefire with Russia during discussions with U.S. officials in Saudi Arabia. U.S. Secretary of State Marco Rubio stated, "The ball is in Moscow's court." The euro has been trading at high levels due to expectations of increased defense spending in Germany. The euro rose to $1.0947, a level last seen in October, and gained more than 5% this month. It also reached 161.78 yen, its highest since January, following Ukraine's ceasefire agreement. Juan Perez, director of trading at Monex USA, noted, "Adding the ceasefire, even if it's just for a month, and the idea that something concrete can actually happen between Russia and Ukraine is an excellent sign for the euro."
The U.S. dollar rose to C$1.4521 against the Canadian dollar, its highest since March 4, before declining to C$1.4396. The dollar index, measuring the greenback against a basket of currencies, fell 0.57% to 103.27, marking its seventh consecutive loss.
Wall Street's main indexes, including the S&P 500, Nasdaq, and Dow, closed lower. Steve Englander from Standard Chartered Bank remarked, "Everything that was vulnerable continues to look vulnerable: German yields keep going up and U.S. equities continue to look soft."
Source: Rueters