• Holding on. US sends out more tariff letters. Equities unfazed with S&P500 pushing higher. Bond yields dip. USD consolidated. AUD range-bound.• RBNZ steady. RBNZ on hold. But underlying tone & outlook still points to a bit more easing over coming months. This should act as a NZD handbrake.• AUD trends. AUD hovering near top end of its multi-month range. We think the risks of a USD rebound...

Currency markets remain firmly rangebound even after President Donald Trump warned “no extensions will be granted” to his August 1 tariff date, threatened to raise levies on copper and pharmaceutical imports to 50 percent and 200 percent, respectively, and said at least seven additional countries would receive updated trade letters this morning, with the European Union getting one in two days. Stock...

The dollar is losing altitude once again after Donald Trump reignited trade tensions with a fresh round of tariff threats, unsettling global markets and complicating the outlook for monetary policy. Trump sent letters to 14 countries last night—including close allies and key trading partners Japan and South Korea—threatening them with the reimposition of tariffs from August 1, and more are expected...

The dollar is holding near a three-year low and measures of risk appetite are pointing to subdued trading action after the Trump administration seemingly extended its tariff deadline to August 1—reducing fears of a violent selloff around Wednesday’s original drop-dead date. Measures of trade policy uncertainty* have fallen sharply from their heights. At an event dubbed “Liberation Day” in early April,...