Dollar on top with tariffs imminent, EUR......>

FOREX: Dollar on top with tariffs imminent, EUR dropped on Draghi feint

-The White House have confirmed that Trump is to sign off on steel and aluminium

tariffs within the hour. The details remain scant but markets expect some

concessions to be made to the USA's largest suppliers given the diplomatic

unrest over the border in Canada and Mexico. Nonetheless, Treasuries have

rallied and equities are softer, helping buoy the greenback.

-EUR pairs initially rallied as the ECB withdrew the explicit pledge to increase

the size of QE in their policy statement. Nonetheless, the gains were wholly

reversed after Draghi clarified the move was retroactive, and holds no

implications for the policy outlook. EUR/USD shed close to 150 pips on the way

to session lows of $1.23.

-CHF trades weaker across the board and, having broken above the 50- and 100DMAs

is now eyeing post-peg break highs of Chf 1.1833.

-Tomorrow, price action will likely be pinned to the NFP report. Jobs added

expected at 205K, U/E at 4.0% and AHE at 2.8%. UK industrial production and

Canadian jobs report also due.