The euro surged to a more than three-year high against the US dollar during Friday’s Asian session, as investors continued to offload US assets amid US President Donald Trump’s chaotic tariffs. The EUR/USD pair jumped from the mid-1.09 range to as high as 1.1387, extending gains seen since Thursday after Trump paused reciprocal tariffs on all countries except China, where he raised the levy to 145%.
Alongside the euro, other G10 currencies also strengthened against the greenback, particularly traditional haven currencies such as the Swiss franc and the Japanese yen. By 4:40 a.m. CEST, the USD/CHF pair tumbled below 0.82—a level not seen since January 2015, when the Swiss National Bank abandoned its 1.20 peg to the euro. Meanwhile, the USD/JPY pair plunged to just above 143, its lowest level since September 2024. The US Dollar Index, which measures the currency against a basket of foreign currencies, also dropped below 100—its lowest reading since July 2023.
