Headlines:Euro turns lower as traders digest US-EU trade dealEU trade deal with the US continues to face backlash back homeEU's Sefcovic: 0% EU-US tariff list remains open to additionsGermany's industry association says US and EU must not make trade deal the new normalFrench foreign affairs minister says US-EU trade deal will bring temporary stabilityUS-China trade talks reportedly set to begin today in StockholmUS casts aside restrictions on technology exports to China in search of a deal - reportJapan prime minister Ishiba reportedly pressured to resign in LDP meetingECB's Kazimir: No significant change that would force my hand to act in SeptemberUK July CBI retailing reported sales -34 vs -46 priorEthereum gears up for another test of the $4,000 markMarkets:USD leads, EUR lags on the dayEuropean equities higher; S&P 500 futures up 0.2%US 10-year yields up 1.8 bps to 4.403%Gold flat at $3,336.15WTI crude up 1.1% to $65.93Bitcoin down 0.7% to $118,621As we start the new week, markets were cheering on the US-EU trade deal from over the weekend. The agreement helped to avoid the worst case scenario of a trade war between the two sides. However, that optimism quickly evaporated over the course of European trading.The EU will still be slapped with 15% baseline tariffs as von der Leyen basically surrendered in agreeing to a makeshift deal in order to avoid all out chaos. However, she faces heavy scrutiny back home now as the tariffs here will continue to bite at the European economy and the outlook for the second half of the year.Is there scope for better terms? That is what lawmakers will demanding in the weeks ahead surely. So, we'll see how that plays out.The euro opened with a slight gap higher earlier in the day but has fallen from grace as traders reacted negatively to the deal. EUR/USD fell from 1.1740 to 1.1650 as the dollar also firmed across the board. USD/JPY pushed up from 147.80 to 148.35 currently while USD/CHF is also seen up 0.8% to climb back above 0.8000 for the first time in a week.As equities also gave back a chunk of its early gains, the commodity currencies are seen struggling with USD/CAD up 0.2% to 1.3725 and AUD/USD down 0.6% to 0.6527 on the day.European stocks opened higher with the DAX and CAC 40 up by 1% at the open but a large part of that has now been chopped off. While the French benchmark index has halved gains, the DAX itself is barely hanging on as it is up 0.1%. US futures are also seen paring its early advance, up 0.2% but down from around 0.5% gains earlier.In other markets, gold is biding its time after a setback in the latter stages last week. In the bigger picture, the consolidation continues for the precious metal in and around the $3,300 mark. Meanwhile, Ethereum continues to look poised in search of a run towards the $4,000 mark. So, that will be one to watch out for on the week.It's a slow news day but expect things to pick up in the week ahead not least with big tech earnings (Meta, Microsoft, Apple, and Amazon), the Fed, BOJ, and BOC policy meetings, the US labour market report, but also month-end shenanigans to add to the mix. This article was written by Justin Low at investinglive.com.