Forexlive Americas FX news wrap: A tangled tariff web we weave ...Middle East

Trump expected to issue tariffs against Canada and Mexico starting March 1White House: The report is false. The Feb 1 deadline still holdsWhite House: Trump has not made up his mind on the tariff timeline for the European UnionMexico's Sheinbaum: If the US imposes tariffs, this puts aside the USMCA trade pactFed's Goolsbee: I have comfort we are on the path to 2% inflationFed's Bowman: Inflation risks remain, rate cuts expected but data-dependentUS December PCE core +2.8% vs +2.8% expectedUS Q4 employment costs 0.9% versus 0.9% estimateCanada November GDP -0.2% vs -0.1% expectedCanada April-Nov budget balance -22.72 billion vs -19.14 billion a year agoECB's Villeroy: We should be sustainably around 2% inflation target by summerBill Gates says prior macro-economic analogies don't apply to AIBakers Hughes oil rigs +7 in the current weekGermany January preliminary CPI +2.3% vs +2.6% y/y expected

Gold up $3 to $2796US 10-year yields up 7 bps to 4.58%WTI crude oil down 27-cents to $72.46S&P 500 down 30 points to 6039USD leads, JPY lags

January comes to an end and it was certainly a dramatic one, which is no surprise given the new President.

That led to some choppy moves that were tough to explain but the market certainly got something more-tangible to chew on later.

Of course, the White House denied that report about 90 minutes later and reiterated that the White House would be putting tariffs on Mexico and Canada on Saturday, as planned. That reversed the move and in some cases more. USD/CAD ran to 1.4225 while other moves were also erased. The net was that most things ended up back where they started the US afternoon.

The weekend will be an interesting one and virtually guarantees some fireworks when markets reopen. In the meantime, enjoy the weekend!

See: February 1. March 1. It doesn't matter because it's all a bluff

This article was written by Adam Button at www.forexlive.com.

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