The euro surged today while the dollar fell sharply against a basket of currencies after comments from Peter Navarro, the head of Donald Trump’s new National Trade Council. He stated that Germany is using the “grossly undervalued” euro to exploit its US and EU trade partners. The US dollar index (DXY) tumbled on the remarks and set a new reaction low in the downtrend dating to the January 3rd high. DXY traded as low as 99.43, matching the December 8th reaction low. EUR/USD, in turn, is up nearly 1% and has breached the 1.0800 level. The pair is currently trading at 1.0780. With today’s move to the upside, the next ... (full story)