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EURO-DOLLAR: US slaps new tariffs on EU, Canada & Mexico
- FX currency pairs reversed morning gains through NY as month-end rebalancing
USD sales dried up amid a slew of headlines from Italy & Spain.
- US Commerce Secretary Ross outlined details of steel and aluminium tariffs for
EU, Canada & Mexico, effective from midnight. NAFTA talks failed to reach a
conclusion, but some leeway has been given to Argentina, Australia and Brazil.
CAD already holding heavy after the release of soft Quarterly Annualised GDP
(1.3% vs median 2.0%), touched extended react highs of C$1.2991, USDMXN lifted
to its highest levels since early 2017.
- Metal tariffs with added weight from Spain's Rajoy no confidence vote started
to weigh on the EUR. EURUSD slipped to $1.1641 followed by an immediate recovery
to $1.1665/70 amid choppy 2-way price action. Headlines that Italy's Five Star
had agreed on a government team provided a welcome relief to challenge $1.1700,
but soon faded.
- USDJPY WMR fixing demand squeezed 30 pips to Y108.70. GBP & AUD sales post fix
pressured to $1.3282/0.7555 respectively.