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Currency traders are treading cautiously after Donald Trump raised taxes on steel and aluminum imports into the United States, and price action is slowing ahead of this morning’s testimony from Federal Reserve chair Jerome Powell and tomorrow’s inflation update. North American equity futures are setting up for a negative open, the benchmark ten-year Treasury yield is up roughly 2 basis points, and the dollar is consolidating gains achieved in the run-up to last night’s tariff announcement. President Trump signed two executive orders last night imposing 25-percent tariffs on all steel and aluminum products, saying “It’s a big deal. This is...

The US job creation engine slowed in January, but revisions to November and December numbers illustrated continued strength in labour markets, helping keep the Federal Reserve firmly sidelined. According to data just released by the Bureau of Labor Statistics, just 143,000 jobs were added in the month—undershooting the 175,000-position consensus forecast—but December’s headline print was revised higher to 307,000 from the 256,000 originally estimated, and November’s number jumped to 261,000 from 212,000, lifting the three-month average to 237,000. The unemployment rate slipped to 4.1 percent, and average hourly earnings climbed 0.5 percent month-over-month, accelerating from the pace set in the...