FOREX: Latest USD Relief Rally Fades
Mar-13 14:27
Instances of USD demand still seem to be accompanied by relatively low conviction given the backdrop of increased U.S. policy uncertainty and questions surrounding U.S. economic exceptionalism.
- This backdrop also seems to increase the importance of the U.S. twin deficit status.
- Treasury Secretary Bessent’s comments suggesting that “aside from metals and likely autos, everything is up for grabs when it comes to tariff negotiations” help unwind the previously covered USD demand that became apparent after President Trump’s latest social media comments surrounding trade (detailed earlier), leaving the door open for moderations in trade tensions.
- E-minis also recover from lows as the USD falters.
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EQUITIES: US Cash opening calls
Feb-11 14:27
SPX: 6,046.1 (-0.3%); DJIA: 44,334 (-0.3%/-137pts); NDX: 21,624.9 (-0.6%).
JPY: FX Exchange traded Option
Feb-11 14:26
JPYUSD (7th Mar) 65.00p, sold at 0.03 in ~5.3k.
US: Note On The Implementation Of US Steel And Aluminium Tariffs
Feb-11 14:23
Note for clarity on the implementation of US steel and aluminium tariffs, discussed in today’s edition of the US Daily Brief.
- President Donald Trump has adjusted the tariff rate on steel and aluminium products imported into the United States. For practical considerations, the key date for implementation is March 12, 2025, when “all imports of steel articles and derivative steel articles from Argentina, Australia, Brazil, Canada, EU countries, Japan, Mexico, South Korea, and the United Kingdom shall be subject,” to the same tariff rate as most of the rest of the world.
- The proclamation brings allies and partners of the United States into compliance with a similar tariff rate currently levied on Chinese steel and aluminium imports.
- The executive proclamation can be read here.
- A White House fact sheet can be read here.
