Trump says will send tariff letters informing EU, Canada of the rates by FridayTrump letter 35% tariff on Canada. Trump has hit Canada very nard with a 35% tariff rate.
Other:
Tesla has not applied for required robotaxi permits in California, despite Musk's commentSaudi August crude supply to China the highest since 2023USD/JPY is back above 147.00South Korea trade official: US has demanded South Korea to join efforts to curb ChinaECB Board member Piero Cipollone speaking Friday, not on monetary policyTrump plans to sell weapons to several NATO allies, to be then passed on to UkraineUSD surge after Trump's 35% tariff hit on Canada is retracingPBOC sets USD/ CNY reference rate for today at 7.1475 (vs. estimate at 7.1771)Re Canada tariffs - US official says Trump is set to keep tariff exemption for USMCA goodsPBOC is expected to set the USD/CNY reference rate at 7.1771 – Reuters estimateFed's Goolsbee says mandate is infl, jobs. Its not cutting rates to make govt debt cheaperNext week's US CPI risks being a shock, core expected at its highest since JanuaryHSBC says the ECB could shy away from rate cuts even if the euro keeps strengtheningNew Zealand June manufacturing PMI 48.8 (up from prior 47.5)European Commission preparing floating oil price cap on Russia, starting at $45Bitcoin surges above US$116,000Hong Kong's central bank continues FX intervention to support the Hong Kong dollarTesla has applied to test and operate its Robotaxis in ArizonaICYMI - China set to ramp up and broaden its fiscal support in the second half of the yearICYMI - Japan’s GPIF raised its holdings of US Treasuries to the highest level in a decadeTrade ideas thread - Friday, 11 July, insightful charts, technical analysis, ideasHassett says next Fed Chair should review the central bank’s overall size and structureTrump also signalled plans to double the universal baseline tariff to 20% and said a tariff letter for the European Union would follow by Friday.
The U.S. dollar gained broadly, with EUR, AUD, GBP, NZD, CHF, and JPY all weakening, and the Canadian dollar particularly hard hit.There have been retracements for all but the yen.
Other notable moves on the session:
Bitcoin surged to a record high above $116,750.The Hong Kong Monetary Authority intervened again, buying HKD13.8 billion to support the currency, marking its fourth action in two weeks as the HKD remains pinned to the weak end of its trading band.
In geopolitics, Trump is reportedly planning a major arms sale to NATO allies, with the expectation that the weapons will then be supplied to Ukraine.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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