This article has been translated from English to Gen Z Slang.
Financial markets low-key shook as Uncle Trump went wild with fresh tariffs on Brazil and Sri Lanka 💸, threatening more clapbacks. 😬
Meanwhile, OPEC did a bit of a double-take on global demand forecasts, making that oil price go "ouch." Also, Bitcoin casually flexed hitting new records at $116K. 🚀
Check the tea you might've missed in the last trading sessions! 📈
Headlines:
- Trump went savage with 50% tariffs on Brazil and 30% on Sri Lanka 🤦♂️
- Confirmed 50% tariffs on copper starting August 1 👀
- New Zealand Visitor Arrivals for May 2025: 6.1% y/y (15.8% y/y forecast; 18.8% y/y previous)
- U.K. RICS House Price Balance for June 2025: -7.0% (-10.0% forecast; -8.0% previous)
- Japan Producer Prices Index Growth Rate for June 2025: 2.9% y/y (3.0% y/y forecast; 3.2% y/y previous); -0.2% m/m (0.0% m/m forecast; -0.2% m/m previous)
- OPEC slashed global oil demand forecasts in latest outlook report, a.k.a weak vibes from China 😓
- Germany Harmonised Index of Consumer Prices Growth Rate Final for June 2025: 0.1% m/m (0.1% m/m forecast; 0.2% m/m previous); 2.0% y/y (2.0% y/y forecast; 2.1% y/y previous)
- Germany Consumer Price Index Growth Rate Final for June 2025: 0.0% m/m (0.0% m/m forecast; 0.1% m/m previous); 2.0% y/y (2.0% y/y forecast; 2.1% y/y previous)
- ECB official Villeroy says France is like chillin’ slow but steady
- European Commission President von der Leyen and her squad are “working non-stop” to keep U.S. tariffs as tiny as possible, tryna boost the global squad goals for trade ➡️
- U.S. Initial Jobless Claims for July 5, 2025: 227.0k (245.0k forecast; 233.0k previous)
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FOMC officials mostly vibin' with rate cuts soon:
- Fed official Musalem thinks inflation might just pop off more thanks to those lit tariffs 💥
- Fed official Waller: Tariffs making things pricey, but like, it's not a major buzzkill, so maybe rates can still drop
- Fed official Daly: Might be time to spill the tea on adjusting interest rates since the economy is on fleek, a.) possible cuts in fall 🍂
Broad Market Price Action:
Dollar Index, Gold, S&P 500, Oil, U.S. 10-yr Yield, Bitcoin Overlay Chart by TradingView
Asian market hours were like, "yikes" with some risk-off vibes, thanks to Trump's tariff bombshell on Brazil and Sri Lanka, plus that copper tariff drama. 💥
Safe-haven gold was glowing like a TikTok star, getting tons of clout before the dollar flexed on stronger U.S. initial jobless claims. But Fed officials Musalem and Waller hinting at rate cuts let gold keep its cool. ✨
Treasury yields also bounced back the earlier safe vibes when the USD dipped, thanks to Fed peeps dropping rate cut hints. U.S. equity indices partied higher with the idea of looser money moves potentially boosting the shopping and investing scenes. 📈
WTI crude oil tried to secure those gains early but couldn't deal with the OPEC-demand downgrade, thing was not vibin' with China's consumption doze. 😓
Bitcoin was on a chill mode in Asian and London sessions before catching the bullish feels in the U.S. session, breaking past $112K, and cruising to fresh, iconic highs. 🚀
FX Market Behavior: U.S. Dollar vs. Majors:
Overlay of USD vs. Majors Chart by TradingView
The U.S. dollar started the day looking as flustered as a Snapchat streak about to expire, thanks to brand-new tariffs and counter threats that made peeps go "Bye, America." 😂
But wait, the dollar hit the gas pedal midway against chill rivals while still lowkey strugglin' against the Aussie and Kiwi, before a general USD glow-up took over a few hours into the London scene. 🕺
Stronger-than-expected U.S. initial jobless claims stats kept the Greenback on its rise when U.S. markets clocked in. Peaks hit when Fed gurus chatted about lowering interest rates soon, considering the economy's doing alright, whilst inflation pumps higher on more tariffs. 🔥
By the session’s end, USD had mixed feels, sinking versus AUD (-0.72%) and NZD (-0.60%) while flexing gains against JPY (+0.24%), EUR (+0.19%), and CHF (+0.14%).
Upcoming Potential Catalysts on the Economic Calendar
- Germany Wholesale Prices at 6:00 am GMT
-
U.K. GDP at 6:00 am GMT
- U.K. Goods Trade Balance at 6:00 am GMT
- U.K. Industrial Production at 6:00 am GMT
- France CPI Growth Rate Final at 6:45 am GMT
- Swiss Consumer Confidence at 7:00 am GMT
- U.K. NIESR Monthly GDP Tracker at 12:00 pm GMT
-
Canada Employment Change at 12:30 pm GMT
- Canada Unemployment Rate at 12:30 pm GMT
- Canada Average Hourly Wages at 12:30 pm GMT
- Canada Building Permits at 12:30 pm GMT
- Germany Current Account at 12:45 pm GMT
- U.S. Monthly Budget Statement at 6:00 pm GMT
We've got some 🔥 high-key reports, like the monthly U.K. GDP release and Canada's June employment figures that could hype up extra action for GBP and CAD pairs during the London and New York sessions, respectively. 🔍
Stay chill and keep it 💯 by checking out our Forex Correlation Calculator before making any moves! 🎯
