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US president Donald Trump has said he will sign an order imposing 10-percent tariffs on all global imports later today, replacing many of the levies ruled illegal by the Supreme Court this morning. In a press conference punctuated by accusations of foreign meddling in American courts, the president said the new duties will be implemented under Section 122 of the Trade Act of 1974, implying that there...
The Supreme Court of the United States this morning ruled against Donald Trump’s use of the International Emergency Economic Powers Act to impose tariffs, but declined to rule on firm’s eligibility for refunds, meaning that importers will be left to pursue claims through the Court of International Trade.
At first glance, the ruling should reduce tail risks for market participants. The threat of abrupt...
The American economy slowed by more than expected in the final quarter of 2025, with weaker consumer spending, trade effects, and the government shutdown combining to sap momentum. Data released by the Bureau of Economic Analysis this morning showed gross domestic product rising at a 1.4-percent annual rate in the fourth quarter after a 4.4-percent jump in the three months prior, surprising economists...
Good morning. The dollar is outperforming all of its major counterparts as the aftermath of yesterday’s more hawkish-than-expected Federal Reserve minutes puts upward pressure on yields and weakens demand for speculative asset classes. Ten-year Treasury yields are inching higher, equity futures are setting up for modest losses ahead of the North American open, and the euro, pound, and Mexican peso...
• Positive trends. A run of better than anticipated US data supported the USD. AUD drifted lower. NZD underperforms after yesterday’s RBNZ meeting.• Macro news. RBNZ points to rate hikes later this year. But markets already factoring that in. Australian jobs report in focus today. Will unemployment lift?
Global Trends
It was a positive night for US markets with equities (S&P500 +0.6%),...
Investors are bargain-hunting across the financial markets this morning, scooping up discounted assets after a multi-week selloff. Futures on North American equity markets are pointing to gains after the open, Treasury yields are inching higher, and economically-sensitive currencies are outperforming their safe-haven brethren amid a broader improvement in risk appetite.
The Canadian dollar remains...