The US dollar remains strong despite recent sell-off attempts. Uncertainty around President Trump’s tariff policies continues to influence market sentiment. Trump’s announcement of plans to impose 25% tariffs on Canada and Mexico by February 1 has attracted significant attention. The Canadian dollar has dropped to a multi-year low, with USD/CAD trading above 1.45 for the first time since March 2020.
In economic updates, UK employment data showed signs of softening, though elevated average earnings provided some support. In Germany, ZEW readings fell short of expectations, adding to Euro selling pressure. Additionally, ECB’s Kazimir stated a rate cut next week is certain.
Looking ahead, the market will monitor developments surrounding President Trump while also focusing on Canadian inflation data and New Zealand’s GDT auction results later in the day.
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