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Dollar pares gains on the day in European morning tradeTrump making sure that Wall Street stays more upbeat in generalECB's Lagarde: No US tariff is what I expectedECB's Lagarde: We're not overly concerned about export of inflation to EuropeECB's Knot sees little obstacle to another rate cut next weekECB's Stournaras says rates should be close to 2% by end of the yearECB's Villeroy: Disinflation process is still on trackECB's Escriva: a 25 bps cut next week is a likely scenarioECB's Nagel says confident inflation will return to 2% target by mid-yearECB's Rehn: We are aconfident inflation will stabilise at the target as predictedSNB's Schlegel: We cannot exclude negative interest ratesUS MBA mortgage applications w.e. 17 January +0.1% vs +33.3% priorMarkets:
The changes are not too drastic but it shows that traders are sensing Trump's bark might be worse than his bite, at least on tariffs.
In other markets, Treasury yields remain more tepid while gold is continuing its hot start in January again with another round of gains. The high earlier touched $2,763 as buyers are now taking aim at the October high of $2,790 next.
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