It's been a pretty dull session in terms of data releases and newsflow. The only noteworthy news were OPEC+ sources saying that there will likely be another 550,000 bpd hike in September (which was expected) and EU saying that they have made good progress on trade talks with the US.
Today is kind of a synthetic Sunday today since we basically have nothing on the agenda. The focus today will be on Trump's tariff letters expected to be sent around 12 pm ET. Trump said he could send 12 or 15 letters today and that he would have trade deals or letter with most nations by the July 9 deadline.
These tariff rates will go in effect on August 1. So, we have yet another deadline. Trump has been playing this game since the very beginning as it's been his negotiating strategy. Therefore, the market will likely take it as another "TACO" thing until August 1 even if we see higher rates in the next days (unless the overstretched positioning in equities provides a pullback anyway).
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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