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| Intra-day Market Moving News |
| 15 May 2025 |
07:39 |
USD/MAJORS - LSEG reported U.S President Donald Trump said on Thursday in Doha that India had offered the U.S a trade deal with zero tariffs.
New Delhi is seeking to clinch a trade deal with the U.S. within the 90-day pause on tariff hikes announced by Trump on April 9 for major trading partners, which had included a 26% tariff on India.
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| 15 May 2025 |
07:01 |
USD/MAJORS - LSEG reported U.S. President Donald Trump said on Thursday that the U.S. is getting very close to getting a nuclear deal with Iran.
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| 15 May 2025 |
06:10 |
GBP/USD - 1.3280... LSEG reported Britain's economy grew by a better-than-expected 0.2% in March from February, official figures showed on Thursday.
Economists polled by Reuters had mostly expected a flat reading of 0.0%.
In the first quarter of 2025, gross domestic product grew by 0.7%, the Office for National Statistics said. That was above the 0.6% growth forecast in a Reuters poll.
British Prime Minister Keir Starmer and finance minister Rachel Reeves are trying to kickstart Britain's sluggish economy via increased spending on infrastructure and other reforms that they hope will boost investment.
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| 13 May 2025 |
12:58 |
USD/MAJORS... LSEG reported U.S. consumer prices rebounded moderately in April, but inflation is likely to pick up in the coming months as tariffs boost the cost of imported goods.
The consumer price index CPI increased 0.2% last month after dipping 0.1% in March, which was the first decline since May 2020, the Labor Department's Bureau of Labor Statistics said on Tuesday. Economists polled by Reuters had forecast the CPI would rise 0.3%. In the 12 months through April, the CPI climbed 2.3% after advancing by 2.4% in the 12 months through March.
Excluding the volatile food and energy components, the CPI rose 0.2% last month after gaining 0.1% in March. The so-called core CPI inflation increased 2.8% on a year-on-year basis in April after rising 2.8% in March.
The data likely only captures tariffs, including a doubling of fentanyl-related taxes on all Chinese imports to 20% and a 25% levy on imported cars and light trucks, imposed before President Donald Trump's April 2 "Liberation Day" announcement.
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| 13 May 2025 |
06:08 |
GBP/USD - 1.3200... Citing sources from forexlive.com, media sources reported UK March ILO unemployment rate 4.5% vs 4.5% expected
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| 12 May 2025 |
08:04 |
GBP/USD - 1.3180... LSEG news, Bank of England's Lombardelli says :
- the evidence suggests that at 4.25% monetary policy is still restrictive
- if inflation pressure persists, we would still be providing pressure to squeeze inflation out of the system
- coming into the May policy round, I was balanced between holding and cutting rates
- combination of further gradual progress on disinflation and the trade developments led me to conclude that a 25 bps cut was appropriate
- in longer term, if global trade fragments, this would reduce output and productivity and would raise inflationary pressures
- caution remains appropriate, I'll be more comfortable when I see material deceleration in the data over a longer period
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| 12 May 2025 |
08:03 |
USD/MAJORS... LSEG reported the United States and China said on Monday they have agreed a deal to slash reciprocal tariffs as Washington and Beijing seek to end a trade war that has disrupted the global economy and set financial markets on edge.
Speaking after talks with Chinese officials in Geneva, U.S. Treasury Secretary Scott Bessent told reporters the two sides had reached a deal for a 90 day pause on measures and that reciprocal tariffs would come down by 115%.
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| 12 May 2025 |
07:05 |
USD/MAJORS... US-China tariffs news, citing source from forexlive.com :
- US to modify application of the rate of duty on articles of China
- this will be for an initial period of 90 days
- China will also suspend its tariffs on the US for an initial period of 90 days
- only a 10% base tariffs rate will be applied
- a mechanism to continue discussions about economic and trade relations is established
- these discussions my be conducted alternately in China and the US, or in an agreed third country
- both sides may conduct working-level consultations on relevant economic and trade issues
The US dollar rallies broadly after release of statement.
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| 11 May 2025 |
05:06 |
Continues from previous update...
Trump said on Friday that the U.S. will maintain a baseline 10% tariff on imports even after trade deals are struck, adding there could be exemptions when countries offer significant trade terms.
Currently, Japan faces a 25% levy on economically crucial auto exports to the United States, and a reciprocal 24% tariff on other Japanese goods.
In terms of supporting the domestic economy, Ishiba said that the government needs to think carefully about a mooted reduction in consumption tax.
"If we suddenly lower the consumption tax, what happens to the country's finances?" he said.
"We have to think if there aren't other ways that we can help those who are truly in need."
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| 11 May 2025 |
05:05 |
USD/JPY - LSEG reported Japanese Prime Minister Shigeru Ishiba reiterated on Sunday that he will aim for the elimination of all tariffs in trade negotiations with the United States.
Speaking on a Fuji Television morning program, Ishiba said that "discussions have gradually come together," and that Tokyo's relationship with U.S. President Donald Trump is "surprisingly good."
However, Ishiba said that Washington's agreement with London, announced on Thursday, which lowers prohibitive duties on British car exports while keeping a baseline 10% tariff in place, was "one model" for trade deals, "but we should aim for 0% tariffs."
Saying that high auto import levies would make cars more expensive for U.S. consumers, Ishiba added, "for the sake of the American economy as well, shouldn't those tariffs be lowered?"
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| 11 May 2025 |
05:04 |
USD/MAJORS... On US-China tariffs talk, LSEG reported U.S. President Donald Trump hailed talks with China in Switzerland on Saturday, saying the two sides had negotiated "a total reset ... in a friendly, but constructive, manner."
"A very good meeting today with China, in Switzerland. Many things discussed, much agreed to," Trump posted on his Truth Social platform, adding: "We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!"
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| 9 May 2025 |
11:31 |
USD/MAJORS - LSEG then reported U.S. President Donald Trump said on Friday that China should open up its market to United States and that 80% tariffs on Chinese goods "seems right."
"China should open up its market to USA - would be so good for them!!! Closed markets don't work anymore!!!" Trump said in a Truth Social post. "80% tariff on China seems right. Up to Scott B," Trump said, referring to Treasury Secretary Scott Bessent on the eve of trade talks between the two countries.
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| 9 May 2025 |
11:29 |
USD/MAJORS - LSEG news, Fed's Kugler says :
- our policy right now is moderately restrictive
- the labor market is stable and has been resilient
- Q1 GDP showed the real side of the economy is resilient
- retail sales showed some front loading
- there could be some pull back in consumer spending
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| 9 May 2025 |
11:28 |
USD/MAJORS - LSEG news, citing source from Truth Social, U.S. President Trump says :
- China should open up its market to USA
- 80% tariff on China seems right
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| 9 May 2025 |
09:56 |
Continues from previous update...
Barr's remarks largely echoed the steer from Fed Chair Jerome Powell on Wednesday, after the U.S. central bank held short-term borrowing costs steady and signaled a wait-and-see approach on rate-setting.
Monetary policy, Barr said, is "in a good position to adjust as conditions unfold," given the strength of the economy and labor market before Trump announced sweeping tariffs on April 2.
Barr in February resigned from his role as the Fed's vice chair for supervision to avert an open clash with Trump, who wants to reduce regulation in a broad range of industries. Appointed by President Joe Biden, Barr had pushed for stricter rules on banks during his tenure.
Trump has nominated Fed Governor Michelle Bowman, a frequent critic of Barr's approach, to take over as the central bank's regulatory chief.
In an unusual move, Barr stayed on as Fed governor, and Friday's speech marks his first comments on monetary policy in about a year.
Trump has railed against the Fed's decision not to cut rates and has repeatedly suggested he'd like to replace Powell, though most recently has said he has no intention of firing him.
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