The US Dollar was softer, across the board overnight, following the announcement of increases on steel tariffs from President Trump. Trump doubled steel tariffs, coming into the US, effective almost immediately. This follows closely the disruptions to the China/US trade agreement, with both sides complaining of non-compliance. PMI data across Europe and the US was also softer than expected. The weaker US Dollar, allowed the EUR to break back above 1.1400, while the GBP recaptured 1.3500.
The softer reserve allowed some cementing of recent gains in commodity currencies, with the AUD looking to regain 0.6500, while the NZD breeches 0.6000. Trade wars look to dominate another week of market activity, while the Ukraine war, appears also to be escalating.
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