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EMERGING MARKETS: Headlines Suggesting Reciprocal Tariff Delays Weigh on USD

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • *TRUMP RECIPROCAL TARIFFS TO TAKE EFFECT SOME MONTHS LATER: CNBC
  • "I’m told the new tariffs President Trump announces today will NOT go into effect today. There will be a time delay of some months, possibly an April 1 start date. That’s still TBD. This will be a presidential memorandum today not an executive order, and USTR will be tasked with developing next steps." - CNBC's Javers
  • That's confirmation of what Javers had been saying on air on CNBC, so effectively meaning the news conference today will *not* be an announcement on the immediate installation of reciprocal tariffs, which are to be time-delayed by ~six weeks and presumably mean there's space for negotiations.
  • USD softer on the back of that, almost exactly reversing the slippage for EUR/USD, GBP/USD on Trump's initial Truth Social blast. EUR/USD back above 1.04 and now pressing session highs.
  • In tandem, USDZAR briefly goes offered, sharply paring gains from levels around 18.57 to 18.50. The comments have very little to do with Mexico, however general sentiment does bring USDMXN back towards session lows, just above the 20.50 mark.
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  • *TRUMP RECIPROCAL TARIFFS TO TAKE EFFECT SOME MONTHS LATER: CNBC
  • "I’m told the new tariffs President Trump announces today will NOT go into effect today. There will be a time delay of some months, possibly an April 1 start date. That’s still TBD. This will be a presidential memorandum today not an executive order, and USTR will be tasked with developing next steps." - CNBC's Javers
  • That's confirmation of what Javers had been saying on air on CNBC, so effectively meaning the news conference today will *not* be an announcement on the immediate installation of reciprocal tariffs, which are to be time-delayed by ~six weeks and presumably mean there's space for negotiations.
  • USD softer on the back of that, almost exactly reversing the slippage for EUR/USD, GBP/USD on Trump's initial Truth Social blast. EUR/USD back above 1.04 and now pressing session highs.
  • In tandem, USDZAR briefly goes offered, sharply paring gains from levels around 18.57 to 18.50. The comments have very little to do with Mexico, however general sentiment does bring USDMXN back towards session lows, just above the 20.50 mark.