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24 Jan 2025

Easing US-China Tensions Boost Risk Appetite

Financial markets are back in risk-on mode after US President Donald Trump appeared to suggest that he could avoid putting tariffs on Chinese imports, backing off a campaign pledge to hit the country with a 60-percent levy. In a previously-recorded interview with Fox News that aired in the United States last night, Trump said “We have one very big power over China, and that’s tariffs, and they don’t want them. And I’d rather not have to use it, but it’s a tremendous power over China,” also noting that he had a “great relationship” with Chinese president Xi Jinping prior to...

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23 Jan 2025

Calm After the Storm Settles on Currency Markets

Financial markets are enjoying a period of placidity amid a relative lack of new headline risks related to the incoming administration’s trade, immigration, and fiscal policy plans. The global borrowing cost benchmark—the ten-year US Treasury yield—is holding near 4.62 percent, down from last week’s flirtation with the 4.8-percent threshold, equity futures are inching higher, and the dollar is eking out small gains after President Trump generally avoided discussing the economy and stopped short of issuing new tariff threats in a closely-watched interview with Fox News last night. US labour markets showed signs of stabilising in recent weeks. According to data...

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21 Jan 2025

US tariffs: delayed not derailed

• Trump vol. Markets were swung around by tariff news on Pres. Trump’s first day in office. But on net, equities rose while bond yields & the USD declined.• Delayed not derailed. Wide ranging reviews into US trade were announced. Findings due by 1 April. US trade tariffs still in the pipeline.• AUD & NZD. Softer USD has supported AUD & NZD. NZ headline CPI also a touch firmer than forecast. AU Q4 CPI due next week. Global Trends US President Trump’s second first day in office created a lot of buzz and generated a burst of volatility across markets....

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21 Jan 2025

Currency Markets Retreat as Tariff Nerves Fray

Currency traders are suffering from whiplash after Donald Trump made volatility great again in his first day back in office. The dollar is on the offensive and currencies like the peso, Canadian dollar, and euro are down after the president said he plans to impose 25 percent tariffs on products from Canada and Mexico on February 1. In an unscripted conversation with reporters last night, Trump said the United States’ closest neighbours were allowing “mass numbers of people to come in and fentanyl to come in,” calling Canada “a very bad abuser”. Trump also warned he “may” impose a universal...

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20 Jan 2025

Trump & tariffs

• US politics. President Trump is officially back in power. Reports tariffs could be implemented in a ‘measured way’ eased market nerves.• USD trends. Lack of follow through of election tariff threats exerted downward pressure on the USD. AUD & NZD bounced back.• Still watching. Various policies will be implemented. Vol. likely over period ahead. Short-term USD could ease helping AUD claw back more ground. Global Trends US politics has been in focus. Earlier today President Trump was inaugurated as the 47th US President. Outside of the inauguration there was little for markets to digest. US bond and equity markets...

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