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Market Wire, North America

12 Jul 2025

Trump Raises Tariffs on Mexico and the European Union to 30 Percent

Currency markets are headed for another bruising open when trading begins in Asia tomorrow afternoon after President Donald Trump delivered another set of letters threatening to impose higher tariffs on Mexico and the European Union. In two missives posted to his social media platform, the president said taxes on imports from two of America’s most important trading partners would rise to 30 percent on August 1, separate from other sectoral tariffs on products like steel, aluminum, and automobiles. In his communication to President Claudia Sheinbaum, Trump acknowledged “Mexico has been helping me secure the border,” but said “what Mexico has...

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10 Jul 2025

Canadian Dollar Tumbles As Trump Ups Tariff Ante With 35-Percent Threat

Update: Bloomberg is reporting that a US official has clarified that the new tariff threshold is NOT intended to apply to USMCA-compliant goods, suggesting that the impact on the Canadian economy could be far smaller than might otherwise have been the case. Our admittedly-unscientific estimates suggest that roughly 80 percent of Canadian exports to the US could ultimately meet the qualification criteria needed to escape the new levies. The loonie’s losses are beginning to moderate, although the exchange rate remains more than 40 basis points below this afternoon’s closing level. The Canadian dollar is tumbling once again after President Donald...

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18 Jun 2025

Fed Holds Rates, Highlights “Diminished” Uncertainties

As had been widely anticipated, the Federal Reserve left benchmark borrowing rates unchanged this afternoon, and officials delivered a finely-balanced message in the accompanying communications, suggesting that they intend to remain on the sidelines until a clearer picture of underlying economic conditions can emerge. The Federal Open Market Committee voted unanimously to maintain the target range for the federal funds rate between 4.25 to 4.50 percent, and in the statement setting out the decision, officials said “Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The...

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12 Jun 2025

Volatility Surges as Israel Strikes Iran

The US dollar is surging against most of its major counterparts as Israel launches airstrikes on Iran, threatening to ignite a new war in the Middle East – still the origin of nearly a third of global oil production. With reports of explosions in Tehran crossing the wires, crude oil benchmarks are snapping higher as risk premia soar, Treasury yields are falling, and equity futures are bleeding. The “pre-emptive strike” – to use the words of Israeli defence minister Israel Katz – has been widely rumoured for a few days, but its magnitude and key objectives remain unknown. Unconfirmed reports...

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04 Jun 2025

Bank of Canada Holds Rates, Signals Easing Bias

After a series of rate cuts, the Bank of Canada opted to leave interest rates unchanged for a second consecutive time this morning, and Governor Tiff Macklem subtly communicated a bias toward further easing as officials wait to assess the impact that global trade tensions might have on growth and price pressures in the months ahead. As was widely expected, the overnight rate was left at 2.75 percent after seven consecutive cuts were delivered between June 2024 and March of this year, bringing the benchmark down from its peak at 5 percent. In the official statement setting out the decision,...

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