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Market Moving News
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| Intra-day Market Moving News |
| 29 May 2025 |
14:21 |
USD/CAD - 1.3816... LSEG then reported Canadian Prime Minister Mark Carney on Thursday welcomed a U.S. trade court ruling that blocked most of President Donald Trump's tariffs, many of which apply to imports from Canada.
"(This decision) is consistent with Canada's long standing position that the ... tariffs were unlawful as well as unjustified," he told the House of Commons.
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| 29 May 2025 |
14:17 |
USD/CAD - 1.3810... LSEG news, Canada Prime Minister Carney welcomes U.S. court ruling on tariffs and says :
- Canada still being hit by unjustified U.S. tariffs on steel and autos
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| 29 May 2025 |
13:38 |
USD/JPY - 144.37... LSEG news, Japan PM Ishiba held talks with U.S. President Trump, exchanged views on tariff issues and says :
- discussed diplomacy, security and economy with Trump
- deepened understanding of each others' views in call with Trump
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| 29 May 2025 |
08:28 |
EUR/USD - 1.1264... LSEG reported morale among Italian businesses and consumers rebounded in May after recent declines, data showed on Thursday, in a positive sign for the prospects of the euro zone's third largest economy.
National statistics institute ISTAT's composite business morale index, combining surveys of the manufacturing, retail, construction and services sectors, rose to 93.1 this month from 91.6 in April, originally reported at 91.5.
Consumer confidence increased in May to 96.5 from 92.7 the previous month, ISTAT said, well above a median forecast of 93.0 in a Reuters' poll of eight analysts.
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| 29 May 2025 |
08:26 |
USD/JPY - 145.30... LSEG then reported Japanese Prime Minister Shigeru Ishiba is arranging to speak with U.S. President Donald Trump by phone on Thursday, broadcaster FNN reported on Thursday, citing several sources.
The report said the two leaders were likely to exchange views regarding tariff issues.
This would be their second call this month, following one on May 23, as a fourth round of tariff negotiations between the two nations is set to take place.
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| 29 May 2025 |
07:56 |
USD/JPY - 145.23... LSEG news, Japan PM Ishiba arranging phone talk with U.S. President Trump on Thursday night - FNN reports
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| 29 May 2025 |
02:46 |
Continues from previous update...
The judges also ordered the Trump administration to issue new orders reflecting the permanent injunction within 10 days. The Trump administration minutes later filed a notice of appeal and questioned the authority of the court.
The court invalidated with immediate effect all of Trump's orders on tariffs since January that were rooted in the International Emergency Economic Powers Act (IEEPA), a law meant to address "unusual and extraordinary" threats during a national emergency.
The court was not asked to address some industry-specific tariffs Trump has issued on automobiles, steel and aluminum, using a different statute.
The decisions of the Manhattan-based Court of International Trade, which hears disputes involving international trade and customs laws, can be appealed to the U.S. Court of Appeals for the Federal Circuit in Washington, D.C., and ultimately the U.S. Supreme Court.
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| 29 May 2025 |
02:45 |
USD/MAJORS... LSEG earlier reported a U.S. trade court blocked President Donald Trump's tariffs from going into effect in a sweeping ruling on Wednesday that found the president overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners.
The Court of International Trade said the U.S. Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president's emergency powers to safeguard the U.S. economy.
"The court does not pass upon the wisdom or likely effectiveness of the President's use of tariffs as leverage," a three-judge panel said in the decision to issue a permanent injunction on the blanket tariff orders issued by Trump since January. "That use is impermissible not because it is unwise or ineffective, but because [federal law] does not allow it."
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| 28 May 2025 |
18:02 |
Continues from previous update...
The uncertainty still felt today was also the watchword at the meeting in early May, when the Fed decided to hold the benchmark policy rate steady in the 4.25% to 4.5% range. In a press conference after the meeting, Fed Chair Jerome Powell indicated the central bank was effectively sidelined until the Trump administration finalizes its tariff plans and the impact on the economy becomes clearer, a view reiterated by Powell and other Fed policymakers in the weeks since.
As of early May officials also noted that volatility in bond markets in the weeks before the meeting "warranted monitoring," and noted that a change in the U.S. dollar's safe-haven status, along with rising Treasury bond yields, "could have long-lasting implications for the economy."
The Fed next meets on June 17-18, when the central bank will release new projections from policymakers about their outlook for inflation, employment and economic growth in coming months and years, and the projected interest rate they feel would be appropriate.
At their March meeting the median projection among policymakers was for two quarter point interest rate cuts by the end of 2025.
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| 28 May 2025 |
18:01 |
Continues from previous update...
The prospect of rising unemployment and higher inflation was outlined in staff briefings that projected a "markedly" higher inflation rate this year due to the impact of tariffs and a job market "expected to weaken substantially" with the unemployment rate rising above long-run estimates of full employment by the end of this year and remaining there for two years.
The results of the May meeting and the more detailed account of it reflected in the minutes have since been overtaken by U.S. President Donald Trump's decision to delay the most aggressive tariffs, in particular the 145% levy on Chinese imports that threatened to grind a large share of global commerce to a halt.
The shift caused many analysts to lower recessions risks that Fed staff as of early May had considered "almost as likely as the baseline" of slowing but continued growth.
But in theory those stiff tariffs are only on hold until July pending negotiations over final tax rates that have kept Fed officials and business executives in the dark about the economic landscape they may face in the next few months.
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| 28 May 2025 |
18:00 |
USD/MAJORS... LSEG reported U.S. Federal Reserve officials at their last meeting acknowledged they could face "difficult tradeoffs" in coming months in the form of rising inflation alongside rising unemployment, an outlook buttressed by Fed staff projections of increased risks of a recession, according to newly released minutes of the May 6-7 session.
The combination of inflation and unemployment rising in tandem would leave central bank officials forced to decide whether to prioritize fighting inflation with tighter monetary policy or cutting interest rates to support growth and employment.
"Almost all participants commented on the risk that inflation could prove to be more persistent than expected," as the economy adapted to higher import taxes proposed by the Trump administration.
"Participants noted that the (Federal Open Market) Committee might face difficult tradeoffs if inflation proves to be more persistent while the outlooks for growth and employment weaken," the minutes said. "Participants agreed that uncertainty about the economic outlook had increased further, making it appropriate to take a cautious approach until the net economic effects of the array of changes to government policies become clearer."
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| 28 May 2025 |
03:12 |
NZD/USD - 0.5963... LSEG news, RBNZ's Governor Hawkesby says :
- decision to hold vote on rates was healthy sign, not unusual at turning points
- did form a consensus projection for the cash rate, but high degree of uncertainty
- central projections are wide enough for us to not have a bias either way in terms of what the next step is at the next meeting
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| 28 May 2025 |
03:03 |
USD/JPY - 144.54... LSEG reported Bank of Japan Governor Kazuo Ueda said on Wednesday the central bank will be vigilant to the risk large swings in super-long bond yields could affect shorter-term borrowing costs and have a bigger impact on the economy.
The remarks underscore the BOJ's growing attention to recent volatile moves in super-long bond yields, which could affect the board's discussions next month on the pace of bond tapering.
In Japan, short- and medium-term interest rates have a larger impact on the economy than super-long yields due to the duration of household and corporate debt, Ueda said.
"But we will bear in mind that large swings in super-long yields could affect long-term bond yields as well as those on short and medium-term bonds," Ueda told parliament.
"We'll carefully watch market developments and their impact on the economy," he added.
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| 28 May 2025 |
02:42 |
NZD/USD - 0.5958... LSEG earlier reported New Zealand's central bank cut its benchmark official cash rate by 25 basis points to 3.25% on Wednesday, as policymakers sought to revive a struggling economy and buffer it from the impact of global trade disruptions.
The decision was in line with a Reuters poll where all but one of the 30 economists surveyed forecast the Reserve Bank of New Zealand would cut the cash rate NZINTR=ECI for the sixth successive meeting.
The central bank has slashed rates by 225 basis points since August, with lower inflation giving policymakers leeway to lower borrowing costs as the economy faces fresh global risks from U.S. President Donald Trump's international trade war.
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| 28 May 2025 |
02:01 |
NZD/USD - 0.5933... LSEG news, RBNZ cuts cash rate by 25 bps to 3.25%, as widely expected
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