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The US Dollar is trading in tight ranges this morning despite renewed trade tensions, as President Trump threatened 30 percent tariffs on the EU and Mexico if new deals aren’t reached by August 1st. While FX markets remain calm, global equities and bonds—especially in Japan and emerging markets—are reacting negatively to the risk-off tone. The Japanese Yen and Swiss Franc are benefiting from safe-haven demand, while the Australian and New Zealand Dollars are under pressure due to their sensitivity to global trade sentiment. Markets are now focused on tomorrow’s US CPI report, with expectations for a 0.3 percent monthly rise and a pickup in annual inflation, which could shift interest rate outlooks heading into the second half of the year.
