Published: 2026-02-23T08:00:01.000Z
EUR/USD, USD/JPY flows: Waiting for Trump State of the Union
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In Europe, the USD has initially stabilized at lower levels.
Sentiment remains negative towards the USD, after the 15% section 122 tariffs imposed over the weekend to replace the reciprocal tariff prompted some countries to suggest a freeze in completing existing trade framework deals. Traders are now waiting for Trump’s state of the union speech on Tuesday to see whether the section 122 is the major reset or whether any other tariffs could be introduced. Bias is to test the USD downside, with some traders feeling most scope exists on USD/JPY.