EU trade commissioner Malmstrom out on the wires 2 March

  • EU is discussing measures such as bringing the issue to WTO, safeguards and possible retaliation

Also out:

  • German economy minister says US tariffs would distort world trade
  • Europe will respond accordingly if US follows through on tariff plan

Gloves potentially coming off in the great trade war . Let's see what Mr T has to tweet on the matter later.

Euro doesn't care though and EURUSD/EURGBP remain underpinned at 1.2275 and 0.8913 but with EURJPY still a little wobbly at 129.70.