The euro struggled to recoup its steep losses on Tuesday as investors sobered up to the fact that terms of the trade deal between the U.S. and the European Union favoured the former and hardly lifted the economic outlook of the bloc.

The reaction has been downbeat across the bloc - though several capitals acknowledged signing an uneven deal was worth it in order to avert an all-out trade war. It will see a 15% tariff on most EU exports to the US - half the rate threatened by Trump - in return for Europe buying more American energy and slashing taxes on some imports.