Euro jumps after report says Trump stopping short of immediate tariffs

LONDON, Jan 20 (Reuters) - The euro traded more than 1% higher on Monday after the Wall Street Journal reported that Donald Trump will stop short of hiking tariffs on U.S. trading partners immediately after he is sworn in as president later in the day.

The WSJ reported that the president-elect would issue a memo on Monday directing agencies to investigate trade deficits and unfair trade practices, but said he would not impose tariffs on his first day in office.

The euro EUR=EBS was last up 1.13% at $1.0388, rising from around $1.031 before the report was published at 1330 GMT (0830 ET).

The dollar index =USD was down 0.91% at 108.34, while the pound GBP=D3 was up 1.04% at $1.2296.

Worries that Trump might quickly impose tariffs have been one factor fuelling a sharp rise in the dollar since he won the U.S. presidential election in November.

(Reporting by Harry Robertson
Editing by Samuel Indyk and Gareth Jones)

((harry.robertson@thomsonreuters.com;))