United States (US) President Donald Trump has hit the ground running on his latest tariffs, vowing to impose additional "reciprocal tariffs" on Canada in response to Canada's retaliatory trade actions against Trump's 25% tariff on all Canadian goods crossing the border into the US.
US President Donald Trump will address Congress from the US Capitol at around 02:00 GMT Wednesday, marking his first appearance before lawmakers since retaking the White House.
The US Dollar Index (DXY), which measures the Greenback's value against six major currencies, suffers another leg lower on Tuesday, adding to Monday’s losses and losing the key support of 106.00.
The Mexican Peso (MXN) plunged sharply against the US Dollar (USD) on Tuesday as the 25% tariffs imposed on Mexico by the President of the United States (US), Donald Trump, commenced.
Mexican President Claudia Sheinbaum said on Tuesday that they will respond to the US' tariffs with tariff and non-tariff measures, as reported by Reuters.
The Pound Sterling clings to early gains, extending its advance to two days versus the US Dollar as tariffs enacted by US President Donald Trump against Mexico, Canada, and China come into effect.
Pound Sterling (GBP) is moderately firmer but, in the absence of any major news at home, the pound’s performance reflects broader USD weakness more than anything, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The EUR is benefitting from the softer overall USD tone and market focus on the likelihood of increased European government (defence) spending to extend its recovery back through low 1.05 area where EUR gains have been capped so far this year, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The Canadian Dollar (CAD) is one of the better-performing currencies on the day so far, reversing the slide that occurred following yesterday’s tariff headlines to trade back to the low 1.44 area where it spent most of Monday, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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