Strong US Jolts job data had supported the dollar, though the dollar index has failed to make any meaningful recovery attempts thus far. President Trump reiterated his July 9th deadline for higher tariffs, threatening to halt talks and impose duties on several countries, including Japan, which is negotiating in good faith but prioritizing national interests.
In the US, Trump’s multi-trillion dollar tax bill faces resistance from both moderate and ultra-conservative House Republicans. In Australia, weaker than expected retail sales raised speculation of an imminent RBA rate cut.
In the UK, Prime Minister Starmer scrapped key welfare reforms to avoid defeat, undermining his authority and complicating fiscal plans, which pressured the pound. The Bank of England’s Taylor warned of a softening UK labor market.
While ECB officials noted euro strength aided their 2% inflation goal, it isn’t a policy focus as Eurozone unemployment rose to 6.3%. Upcoming US data includes challenger job cuts and ADP payrolls, with ECB President Lagarde also speaking from CRA.
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