The euro weakened at the start of the new week amid fresh market turmoil and rising concerns over an escalating trade dispute between the United States and several other countries.
The exchange rate dropped overnight to $1.0141, its lowest level since November 2022, before recovering slightly to $1.0245 on Monday morning – still more than 1 cent below Friday evening's value.
The euro has been under pressure since Donald Trump's election as U.S. president in early November when it was trading above $1.09.
U.S. tariffs of 25% on imports from Mexico and Canada, though only 10% on Canadian energy exports, and 10% on all Chinese imports are to take effect on Tuesday after Trump ordered the measures on Saturday.
When Trump was asked on Friday whether he would go after products imported from the EU, he responded: "Absolutely."
