The USD is higher vs the major currency pairs to start the new trading week and after the 4th of July holiday weekend. The greenback has moved the most (to the upside) vs the AUD and the NZD (0.76% and 1.04% respectively). Each of those currencies stretched to new highs for the year last week.
Versus the 3 major currencies – the EUR, JPY and GBP – the USD is also higher with the gain vs the JPY at 0.60%, the EUR 0.44% and the GBP by 0.30%. IN the video above, I take a look at the technical levels that are in play for each and explain why.
In the news overnight and over the weekend, Pres. Trump said the White House will start sending letters to trading partners with new tariff rates. While the current 90-day tariff pause ends July 9, some reports suggest rates might begin August 1. Trump said deals or letters will be done by July 9, while Commerce Secretary Lutnick confirmed the August 1 start date. The U.S. has reached initial deals with the UK, Vietnam, and China, but uncertainty lingers, especially with Trump hinting tariffs could rise up to 60–70%.
Trump also announced an additional 10% tariff on BRICS-aligned countries, criticizing their “anti-American” stances and efforts to reduce reliance on the U.S. dollar.
Get the popcorn out… Trump attacked Elon Musk over the latter’s plan to form the “America Party,” deepening their feud. Musk continues to criticize recent fiscal policy and aims to now looks to start a third political party.
Oil prices were little changed after OPEC+ announced a larger-than-expected August output hike of 548,000 bpd. With another increase possible in September, markets are worried about oversupply as earlier production cuts are gradually reversed.
A snapshot of the stock market is showing futures are implying mixed results with the Dow up marginally, and the Nasdaq and S&P lower. The S&P and the Nasdaq closed at record levels on Thursday
