Euro jumps to one-month high after US postpones EU tariffs

The euro jumped to a one-month high against the dollar on Monday after the US postponed the imposition of 50% tariffs on European Union imports from June 1, after the bloc asked for time to “reach a good agreement.”

The dollar continued its decline against a wide range of currencies as investors fled US assets.

The euro rose 0.55% to $1.1418 for the first time since April. It was last up 0.36% at $1.1394, bringing its year-to-date gains to 10%.

The pound rose 0.39% to its highest level since February 2022 and was last up 0.25% at $1.3574.

The safe-haven yen and Swiss franc were generally weaker as market sentiment improved, but remained elevated against the dollar. The dollar fell 0.24% to 142.23 yen, its lowest level this month. It fell against the Swiss franc to a two-and-a-half-week low of 0.8193 francs. The US dollar index, which measures the greenback’s performance against six major currencies, fell 0.15% to 98.93, extending last week’s losses of 1.9%.