US futures have begun trading on Globex for the new week.

The big weekend news was Trump’s tariffs:

• Trump hits the European Union (EU) with a 30% tariff, starting on August 1

Since then:

• Germanys Merz will work closely with Macron, von der Leyen to resolve trade ahead of Aug 1
• EU extends pause on US trade retaliation to allow more talks

The earlier reaction was, of course, in FX. Whoesale FX marekts begin to open in early New Zealand trade, hours ahead of Globex opening.

The USD gapped up, only small, as expected:

• Monday open levels, indicative FX prices 14 July 2025 – Small gap higher for USD

The gap is being closed, also as expected.

EUR/USD update:

This article was written by Eamonn Sheridan at www.forexlive.com.

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