SUMMARY
The ongoing tariff narrative took another turn last night, as the U.S. Court of Appeals temporarily stayed the earlier ruling by the Court of International Trade. As a result, former President Trump’s global tariffs will remain in effect for now, with the administration reportedly considering a provisional plan to impose tariffs of up to 15% for a duration of 150 days.
Markets opened relatively flat this morning in response to the development, with the U.S. dollar regaining some of its recent losses as investors adjusted positions following the previous day’s court decision. Nonetheless, there appears to be a prevailing bias toward selling the dollar on any signs of strength.
Looking ahead, attention will turn to key inflation data, with Germany’s CPI and the U.S. core PCE set for release this afternoon.
