The market reaction to today's 'reciprocal' tariff announcement from the White House revealed one of two things:
Sell-the-fact (on the dollar) as this has been telegraphed for a weekIt's a toothless threat aimed at getting negotiating leverageI'm biased towards the second explanation for the price action as we've continually seen tariff threats faded by the market, and at an increasingly-rapid pace. The dip today in the euro lasted just minutes.
In addition, there was barely even a slump in US equities on these headlines when they started.
I feel more risk at the moment around Congress and the difficult path to pass a tax cut as I see that as mostly (fully?) priced in.
This article was written by Adam Button at www.forexlive.com. Read More Details
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