The US Dollar continued to recover the losses from yesterday's slide as Trump talked about imposing 25% tariffs on Canada and Mexico. This has been the main driver of the session.
Looking at the data releases, the UK Employment report was the main highlight and the data showed once again job losses although the wage growth continues to run hot. The market pricing didn't change much although traders firmed up the expectations for a 25 bps cut at the upcoming meeting.
In other markets, equity indices erased all the losses triggered by the Trump's tariffs threat overnight and are now trading near yesterday's highs. Treasury yields are higher on the day but that might not last for long if concerns around trade wars leads to expectations of slower growth.
Gold has been mostly consolidating near the highs set overnight, while crude oil extended the slide as potentially higher US oil output and slower economic growth due to trade wars weighed on prices.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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