Dollar holds higher as US court strikes down Trump's tariffs ...Middle East

As a reminder, the US Constitution gives Congress the power to impose tariffs but much of this power has since been delegated to the Executive Branch (led by the president) since the Trade Expansion Act of 1962. This means that the Executive Branch can call the shots on tariffs without the need for Congressional approval. And so, courts have allowed for the Executive Branch to retain this authority - at least until today when the latest ruling above is out.

I'm no legal expert but I am sympathetic towards this line of thinking from Goldman Sachs here. We'll have to see how Trump responds to this as well of course. Whatever he says or claims to be able to do next, however legitimate or not, will surely still have an impact on the reaction of broader markets. So, keep an eye out for that.

As markets digest the news, the dollar is sitting higher as we look towards European trading at least.

EUR/USD is down 0.3% to 1.1250 with USD/JPY up 0.6% to 145.70 levels at the moment. The latter traded up to a high of 146.28 earlier, its highest in two weeks.

This article was written by Justin Low at www.forexlive.com.

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