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CAD

11 Jul 2025

Dollar Firms As Trump’s Letter-Writing Campaign Accelerates

The dollar looks set to end the week on a more supportive footing after Donald Trump redoubled his efforts to revive the forgotten art of letter writing, threatening to substantially raise tariffs on Canadian goods and warning that he would soon announce increases in levies on most other countries. Ten-year yields are little changed, equity futures are setting up for a softer session, and currencies like the euro and Mexican peso are retreating as investors brace for the next round of trade threats. The European Union will get a letter “today or tomorrow,” NBC quoted the president saying last night,...

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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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09 Jul 2025

Tariff pen pals

• 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 / AUD pull-back are starting to build. Global Trends Outside of a few more tariff letters being sent out by the US, news flow was light overnight and there were few economic...

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09 Jul 2025

Currency Traders Yawn As Tariff Threats Continue

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 futures are little changed, Treasury yields are flat, and US copper futures are holding around 10 percent higher after punching upward in yesterday’s session. The dollar climbed earlier in the week when Trump postponed the rollout of his...

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08 Jul 2025

Trump’s Tariff Letters Leave Markets Largely Unmoved

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 today. The greenback is sitting on losses equivalent to roughly half of yesterday’s gain, Treasury yields are up across the curve, equity futures are pushing lower ahead of the open, and the Canadian dollar, Mexican peso, and euro are...

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