Dear Reader,
Today's overview of economic news and market action:
- Trading conditions were relatively calm throughout the European session yesterday …
- After the European and US close, President Trump revealed the aforementioned tariff measures …
- A 10% universal tariff rate was introduced as well as a number of other country specific rates …
- The EU now faces a 20% tariff, the UK a rate of just 10%, Chinese goods will have a 34% rate applied …
- However, there seems to be a carve out for certain industries, including pharma, for now at least …
- In the aftermath of the announcement the dollar has moved sharply lower …
- This sees EUR/USD changing hands in the top half of $1.09-1.10, a new YTD high …
- GBP/USD is north of $1.31, while EUR/GBP is in the top half of 83-84p …
- Today, investors will be attentive to any retaliatory measures in response to the US tariffs …
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