Important events today:

14:00 UTC: USD – ISM Manufacturing Index.

EUR/USD is recovering its recent losses recorded during the previous session, trading around 1.1370 during Asian hours on Monday. The pair is strengthening amid the weakening of the US dollar (USD) after the US Court of Appeals allowed President Donald Trump’s tariffs to take effect.

On Wednesday, a three-judge panel of the International Trade Court in Manhattan ruled that Trump exceeded his authority by imposing broad import tariffs and declared the orders issued on April 2 illegal.

On Friday, President Trump announced at a rally in Pennsylvania that he plans to double import tariffs on steel and aluminum to increase pressure on global steel producers and intensify the trade war. “We are going to implement a 25% increase. We will raise tariffs on steel imported into the United States from 25% to 50%, further strengthening the steel industry in the United States,” he said, according to Reuters.

On Saturday, the European Commission (EC) warned that Europe is ready to respond to President Trump’s plan to double tariffs on imported steel and aluminum, which would escalate the trade war between the world’s two largest economic powers.

Recommendations: BUY 1.1360, SL 1.1320, TP 1.1420.