Trump tariff headlines continued to shift during the session. The latest twist: the President said his tariff letters are “subject to negotiations” and that the new August 1 deadline is “not 100%.” This adds a fresh layer of uncertainty — giving countries more time to strike deals, but also prolonging unpredictability. So far, tariff deadlines have moved from April 9 to July 9 to August 1, and now appear fluid once again.
The U.S. dollar weakened broadly following the delay announcement, except against the yen. Currencies such as the euro, AUD, GBP, NZD, and CAD all gained ground.
However, the yen underperformed after Trump indicated Japan would be hit with a 25% tariff (albeit not until August 1 ... or maybe later), sending USD/JPY to a two-week high and GBP/JPY to its highest level in eight months. The Bank of Japan faces a growing challenge, trying to normalise monetary policy amid slowing growth, with the threat of steep U.S. tariffs casting a shadow over Japan’s export-reliant economy.
From Australia, business confidence data surprised to the upside, with business conditions hitting their highest level since March 2024. Gains were broad-based across sales, profitability, and employment, while confidence rose for a third consecutive month.
Attention now turns to the RBA policy decision, due at 0430 GMT / 0030 US Eastern time. Markets are pricing in a greater than 90% chance of a 25bps rate cut, though the central bank may strike a less dovish tone, reflecting recent solid household spending data and today’s upbeat business survey.
In geopolitics, Trump said: "We are going to have to send more weapons to Ukraine. Defensive weapons. They have to defend themselves."
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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