EU set to suspend tariff countermeasures. Euro nears the 2024 high

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.