Collinson FX: July 9: Immunity builds towards Trump's shifting tariffs
by Collinson FX 8 Jul 22:15 BST
9 July 2025
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Markets absorbed the ever-changing dates, rules and margins, of US trade and tariff policy.
The constant threats and moving goalposts, are becoming tiresome and markets are building immunity. Trump changed the deadline from July 9th to August 1st and rate variations from 10%, to 48%.
He has sent out 14 letters, to mainly Asian nations, advising them of their new tariff rate. There is more to come, with many hoping, for the minimum 10%. It is mayhem on the global trade front, and this does little for market confidence.
European markets brushed off the threats, with the EUR trading above 1.1700, while the GBP surrendered 1.3600.
The RBA surprised market pundits and left interest rates unchanged, at 3.85%, citing international uncertainties. There are big problems on the horizon for the Australian economy, with almost all job growth over the last couple of years, coming in the public sector. The AUD was supported by the RBA move, breaking back above 0.6500, while the NZD remains below 0.6000.
Markets are expecting the RBNZ to leave rates unchanged today.
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