The market was waiting for updates on the U.S. 25% steel and aluminum tariff, and details have now emerged, with March 12th reported as the date the tariffs will take effect. So far, the market reaction has been muted, possibly because President Trump initially stated there would be no exceptions but later made an exception for Australia following discussions with the Prime Minister.
This aligns with what we discussed earlier—Trump’s policies will remain unpredictable, but not as disruptive as some worst-case scenarios initially feared.
Now, the focus shifts to Fed Chair Powell’s testimony, along with remarks from ECB’s Schnabel and BoE Governor Bailey.
Earlier today, gold rallied to a fresh record high but has since pulled back slightly on short-term profit-taking ahead of the North American session.
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