The indications are that Trump is likely to announce reciprocal tariffs on Thursday. The White House schedule has him signing executive orders at 1 pm local time, so perhaps that is the timing? Earlier on it was indicated he may be doing so after his meeting with India's prime Minister Modi:
the two meet at 4.05 pm US Eastern time
the two hold a news conference at 5.10 pm
We’ll see.
If the threat of tariffs is meant to weigh on the EU that was not reflected in the euro today. EUR/USD rose to circa 1.0430, back to its post-US CPI high.
If the threat of tariffs is encouraging ‘safe haven’ flows, well maybe the gold price movement backed this – it rallied to above USD2915.
Conflicting narratives if you are into narratives!
The dollar was offered more broadly. AUD, NZD, CAD, GBP, CHF all rose.
From Japan we had a further indication of inflation pressures with the January PPI coming in at 4.2%, above expectations (4.0%) and above December (3.9%). The yen didn’t post gains really. USD/JPY is not a lot changed on the session around 154.45 as I update.
NZ data showed subdued inflation expectations.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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