Goldman Sachs says Trump can sidestep the court ruling against his tariffsTrump appears unlikely to back down, says he is on a "Mission from God"Trump has appealed against the court ruling blocking tariffsTrump has a number of avenues of appeal open - here's oneTrump's tariffs blocked - what we knowUSD higher after US court says Trump doesn't have 'Liberation Day' tariff authorityThe US dollar is continuing to rocket higher on the tariff-block newsA US federal court blocked Trump's "Liberation Day" tariffs from going into effect
Nvidia earnings (read from the bottom up for the chronology)
Nvidia CEO warns that Chinese AI rivals are now ‘formidable’"Nvidia's business is still booming, even with the company effectively shut out of China"There has been a MASSIVE error in the Nvidia Q1 earnings announcement - shock for marketsNvidia (NVDA) Q1 EPS 96 (93c expected) Revenue $44.1bn (exp 43.28bn)USD/JPY has steadied after its earlier leap above 146.20Federal Reserve speakers Thursday include Barkin, Goolsbee, Kugler, and LoganThe White House has confirmed that Musk has left the Trump administrationAustralian Q1 2025 headline capex -0.1% q/q (expected +0.5%).PBOC sets USD/ CNY reference rate for today at 7.1907 (vs. estimate at 7.2033)New Zealand data: Business Confidence (May 2025): 36.6 (prior 49.3)Japan eco min Akazawa: Our basic position is to strongly request review of tariff policyBank of Korea cuts its key interest rate by 25bp, as expectedMusk has officially thrown in the towel on his government jobICYMI: Explosive new intelligence report reveals Iran nuclear weapons program still activeU.S. pauses exports of jet engine technology and chip software to China - New York TimesUS will begin revoking visas of Chinese studentsReserve Bank of New Zealand now expected to slow down its rate cut paceICYMI - German government to spend 110 bn EUR to boost the nation’s economyRBNZ assistant governor silk: China’s low domestic consumption is a key issueMUFG are looking for yen strength, say the BoJ is likely to remain unmovedReserve Bank of New Zealand Governor Hawkesby sees near term growth headwindsForexlive Americas FX news wrap 28 May: FOMC meeting minutes less upbeatOil: private survey of inventory shows a large headline crude oil draw vs. build expectedTrade ideas thread - Thursday, 29 May, insightful charts, technical analysis, ideas
The session got off to a fast start with equity headlines leading the charge. Nvidia’s Q1 earnings release made a messy entrance — the company initially published an incorrect EPS figure of 81c, well below the 93c expected. That was quickly corrected to 96c, turning the narrative into a modest beat. It wasn’t one of Nvidia’s typical blowout quarters, but good enough for shares to rise and lift the broader market alongside them.
A U.S. Federal Court — the Court of International Trade — ruled that President Donald Trump exceeded his authority in imposing tariffs on all imported goods. The so-called “Liberation Day” tariffs, enacted under the International Emergency Economic Powers Act (IEEPA) of 1977, were declared illegal and blocked via injunction. A three-judge panel found that Congress did not delegate the president open-ended authority to set tariffs. Importantly, Trump’s sector-specific tariffs were not addressed and remain in place for now.
Appeal to the U.S. Court of Appeals for the Federal Circuit
Seek Congressional approval
The road ahead is likely to be long, complex, and politically messy. Ongoing trade negotiations may continue, but this ruling weakens Trump’s negotiating leverage. The uncertainty is expected to weigh further on business investment. The projected tariff revenue — previously touted to bring in between $3.3 and $5.2 trillion over a decade — now looks increasingly speculative. That leaves a gaping hole in Trump’s deficit-financed “Big, Beautiful Bill” of tax cuts.
Markets reacted decisively. The U.S. dollar surged, with safe haven currencies like the yen and franc falling sharply. U.S. equity futures built on earlier gains.
The yen, and CHF, weakened on the court ruling news:
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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