Historical replay · EUR/USD
EUR/USD's Rally on 'Liberation Day' Tariffs (April 2025)
In early April 2025, the announcement of sweeping US reciprocal tariffs triggered a sharp dollar selloff. EUR/USD jumped more than 2.8% in a single day — a huge move by forex standards. Relive the euro's run.
In early April 2025, the US announcement of a sweeping set of new 'reciprocal' tariffs on most trading partners triggered a wave of volatility across global markets. Unlike the initial selloff seen in stocks, the US dollar itself began weakening sharply against major currencies, as investors reassessed the impact of trade policy on US economic growth.
Within the window replayed here, EUR/USD climbed from an open near $1.0912 to a high of $1.1260 — a gain of more than 2.8% in about two days. For the forex market, where daily moves above 1% are already considered notable, a move of this size was one of the sharpest shifts of the year for one of the world's most heavily traded currency pairs.
The move reflected a broader shift in narrative: rather than strengthening as a traditional safe haven during uncertainty, the dollar weakened, as markets began pricing in the risk that US trade policy itself could hurt domestic growth more than that of trading partners — a reminder that 'classic' currency relationships can invert when the shock's source is the policy of the country that usually benefits from the flight to safety.