Tariff volatility
• Tariff threat. President Trump rattled FX markets this morning after reiterating tariffs could be imposed on Canada & Mexico on Saturday. USD rose.• Macro pulse. Overnight the data showed that US growth outpaced the Eurozone. ECB cut rates again. More moves likely to revive activity.• AUD vol. The Trump comments exerted downward pressure on the AUD. More headline driven volatility likely over the period ahead. Global Trends The economic data flow picked up overnight with the relative outperformance of the US once again on show with tariff-related comments by US President Trump rattling a few FX market nerves this...