As an overview fundamentally, a U.S. federal court has blocked former President Trump’s proposed "Liberation Day" tariffs from taking effect. The United States Court of International Trade unanimously ruled that Trump exceeded his authority by attempting to impose broad import taxes on countries running trade surpluses with the U.S. The court emphasized that such measures went beyond the legal limits of executive power in trade matters. While this decision halts the tariffs for now, Trump retains the option to appeal the ruling. See Justin's post on the aftermath of the decision by clicking here (required reading) and Giuseppe's post on the "get arounds" that Pres. Trump can use to circumvent the ruling (he will appeal it as well).
Japanese Finance Minister Kato commented on recent financial market developments, particularly highlighting the significant movements in super-long bond yields. He emphasized that Japan’s financial authorities will continue to monitor these shifts closely through ongoing communication with market participants.
The 2nd shot at the US GDP for Q1 will be released at 8:30 AM ET. The estimate is for -0.3% vs -0.3% in the first cut. Initial and continueing claims will be analyzed for any shifts away from what has been a steady and strong market. The expectation is for 230K for initial claims vs 227K last week. US pending home sales for April will be released at 10 AM with estimates of -1.0% versus a gain of 6.1% last month.
There are some scheduled Fed speak today. Below are GMT/US Eastern time:
1230/0830 Federal Reserve Bank of Richmond President Thomas Barkin participates in a fireside chat before the Housing Partnership Network1440/1040 Federal Reserve Bank of Chicago President Austan Goolsbee participates in a moderated question-and-answer session before the 2025 Mackinac Policy Conference hosted by the Detroit Regional Chamber, in Mackinac Island, Mich1800/1400 Federal Reserve Board Governor Adriana Kugler gives opening remarks before virtual 5th Annual Federal Reserve Board Macro-Finance Workshop0025/2025 Federal Reserve Bank of Dallas President Lorie Logan gives opening remarks and participates in moderated conversation before the Greater Waco Member Appreciation event.US yields are higher as the yield curve trade around the 4% level for 2-years, 4.5% for 10 years and 5.0% for 30 years. The U.S. Treasury will auction off 7 year notes at 1 PM ET.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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