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CROSS ASSET: FX Risk Off On Trump Tariff Headlines

CROSS ASSET
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Headlines have crossed from incoming US President Donald Trump (via Truth Social). Trump stated "we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America." This relates to drug flows, which Trump discusses in the post. Other headlines have also crossed, that Trump will impose a 25% tariff on all products coming into the US from Mexico and Canada. 

  • Markets have reacted in a risk off manner. In the FX space, AUD and NZD are down 0.60%, AUD/USD last near 0.6465/70. USD/MXN has shot 1.2% higher to 20.54/55. USD/CAD is up 0.70%, approaching 1.4100.
  • USD/CNH is firmer, last jsut above7.2600, but moving with a lower beta compared to other currencies.
  • US equity futures are down modestly, sitting in the red. US bond futures sit down a touch in early dealings. 
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Headlines have crossed from incoming US President Donald Trump (via Truth Social). Trump stated "we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America." This relates to drug flows, which Trump discusses in the post. Other headlines have also crossed, that Trump will impose a 25% tariff on all products coming into the US from Mexico and Canada. 

  • Markets have reacted in a risk off manner. In the FX space, AUD and NZD are down 0.60%, AUD/USD last near 0.6465/70. USD/MXN has shot 1.2% higher to 20.54/55. USD/CAD is up 0.70%, approaching 1.4100.
  • USD/CNH is firmer, last jsut above7.2600, but moving with a lower beta compared to other currencies.
  • US equity futures are down modestly, sitting in the red. US bond futures sit down a touch in early dealings.