The USD moved higher on the court decision that the Trump Liberation Day tariffs were unconstitutional. However,, after the market digested, the gains were reversed and the three major currency pairs - the EURUSD, USDJPY and GBPUSD are all trading little changed. What are the technicals now saying after the dollares move higher and back lower? I will talk about that in the above video.
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).
In Japan, Japanese Economy Minister Akazawa stated that he will continue to press the United States to reconsider its tariff measures. He plans to engage in ministerial talks focusing on trade expansion and economic security during his upcoming trip. Notably, Akazawa expressed a desire to meet directly with U.S. Treasury Secretary Bessent during this visit.
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.
On foreign exchange (FX) matters, Japanese officials reported productive discussions with Secretary Bessent, aimed at building a shared understanding of FX policy. However, they clarified that specific FX levels were not addressed during previous discussions with Bessent.
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.
The weekly EIA oil inventory data will released as well. The private data was released late yesterday and saw:
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.The US stocks are set to open higher thanks in part to better-than-expected earnings from Nvidia. Nvidia shares are up 5.11% in premarket trading leading to gains of 45 points in the S&P index and 269 points in the NASDAQ index. The Dow Industrial average is currently implying a gain of around 104 points as it lags the bigger moves in the large-cap tech sector.
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
Finally We wish PressBee provided you with enough information of ( The USD is little change after run higher on endingTrump Liberation Day tariffs fizzles )
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