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JPY: USD Bid On Trump Tariff Headlines, AUD Underperforms Yen

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The USD is better bid post earlier tariff headlines from US President Trump, which stated that the US will impose 25% tariffs on all imports of steel and aluminium from Monday (when they will kick in wasn't specified), per Bloomberg. 

  • AUD/USD is the weakest performer, back to 0.6235/40, off close to 0.60% versus end Friday levels. NZD/USD is down more modestly, last near 0.5640 (off 0.30%). At face value given Australia's iron ore, coking coal exports, such a tariff would impact Australia more than New Zealand.
  • For AUD, downside focus will rest at 0.6171 the Feb 4 low.
  • EUR/USD is off 0.45% to 1.0280, although liquidity may still be lighter for this pair. The Feb 4 for this pair at 1.0272 isn't far away. CAD is off 0.45%, NOK down 0.55%, but again liquidity is likely to be a factor.  
  • USD/JPY is little changed in latest dealings, last near 151.40/45, so outperforming from a safe haven status stand point.
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The USD is better bid post earlier tariff headlines from US President Trump, which stated that the US will impose 25% tariffs on all imports of steel and aluminium from Monday (when they will kick in wasn't specified), per Bloomberg. 

  • AUD/USD is the weakest performer, back to 0.6235/40, off close to 0.60% versus end Friday levels. NZD/USD is down more modestly, last near 0.5640 (off 0.30%). At face value given Australia's iron ore, coking coal exports, such a tariff would impact Australia more than New Zealand.
  • For AUD, downside focus will rest at 0.6171 the Feb 4 low.
  • EUR/USD is off 0.45% to 1.0280, although liquidity may still be lighter for this pair. The Feb 4 for this pair at 1.0272 isn't far away. CAD is off 0.45%, NOK down 0.55%, but again liquidity is likely to be a factor.  
  • USD/JPY is little changed in latest dealings, last near 151.40/45, so outperforming from a safe haven status stand point.