The Euro (EUR) traded defensively Friday as President Trump announced that reciprocal tariffs were coming soon, Scotiabank's Chief FX Strategist Shaun Osborne notes. 

EUR is trading softer on the day

"The EUR has lost a little more ground over the weekend but—after the president highlighted autos as a target last week—the EUR can perhaps breathe a small sigh of relief that this round of tariff threats may only affect relatively limited German exports of steel to the US. Note that the EU offered tariff concessions on autos last Friday." 

"Spot losses steadied in the upper 1.02 area overnight, representing a roughly 50% retracement of the sharp jump higher last week from 1.0140. The EUR may consolidate in the short run above minor support at 1.0280 but below stiffer resistance in the 1.0350/75 zone (40-day MA at 1.0370)."