US currency has lost all the gains it enjoyed since Trump won election and hits lowest level since mid-October

Summary

European markets rose, and the euro hit its highest level against the dollar since the US election, as fears of a US recession—dubbed “Trumpcession”—grew.

The dollar fell 0.5% against major currencies, erasing all post-Trump election gains. New US tariffs on Canada, Mexico, and China, along with possible European levies, fueled concerns.

Global markets stabilized after a sell-off, with Europe’s major indices mostly rising. UBS raised the likelihood of a US downturn to 30%.

Analysts predict further euro gains, with some expecting $1.15 by year-end.