Trump is reportedly avoiding immediate tariffs, which causes the euro to soar

The Wall Street Journal said that Donald Trump will not raise tariffs on U.S. trading partners right after taking office later today, which caused the euro to rise more than 1% on Monday.

According to the WSJ, the president-elect would not implement tariffs on his first day in office, but he would send a memo on Monday instructing agencies to look into trade deficits and unfair trade practices.

When the data was released at 1330 GMT (0830 ET), the euro was up 1.13% to $1.0388 from about $1.031.

At 108.34, the dollar index was down 0.91%, but the pound was up 1.04% at $1.2296.

Since Trump’s victory in the U.S. presidential election in November, concerns that he may swiftly implement tariffs have contributed to a dramatic increase in the value of the dollar.