Tariff talks have once again put US stocks on the back foot. On Monday, the three major indices closed around 0.9% lower, but with the exception of the Dow the losses did not extend any further during the following session. There are now only three weeks left before the reciprocal tariffs come into effect on the first of August and the administration has made it clear that there would be no further extensions to the deadline. In addition, president Trump announced a 50% tariff on copper imports into the US and threatened to impose tariffs of up to 200% on pharmaceutical goods. Copper futures shot up over 10% following the announcement.
Precious metals are struggling to pick a direction. Despite a general sense of unease in financial markets, gold failed to capitalise on investor fears, instead falling 1% yesterday. The precious metal is currently hovering around the $3,300 mark, which is still 10% higher than when the liberation day tariffs were first announced. Silver meanwhile remains poised just below $37 an ounce. Any breakout to the upside from the current range would see the metal challenge decade-long valuations. It is a similar story for Bitcoin, which remains crouched under $110,000 after a week of uncharacteristically calm trading conditions. Traders await the next trigger.
The latest Fed decision to maintain the current 4.5% interest rate shocked no one. The logic behind the decision is also unlikely to provide any surprises. The point of interest is whether or not some board members are beginning to drift away from Jerome Powell’s steadfast position. Odds for the next meeting are still 90%+ in favour of a rate hold, so if there are indeed voices of dissent, they remain ignored for now. The Dollar has pushed marginally higher this week, pulling the Euro back to $1.17 and Cable down to $1.36.
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