Market & News Briefing (August 18, 2025)

In this episode, we cover the latest developments shaping global markets, focusing on FX, commodities, trade, and geopolitics.

Key Topics:

• Russia–Ukraine War:
  • Trump-Putin summit made “great progress” but no ceasefire reached.
  • Zelensky in Washington for talks with Trump and European leaders.
  • EU stresses Russia cannot veto Ukraine’s EU or NATO path.
  • Putin signals willingness for compromise but insists “root causes” must be addressed.
• Middle East Update:
  • Israel strikes power station near Sanaa, Yemen.
  • Israel begins relocating Gaza residents with tents and shelters, condemned by Hamas as forced displacement.
• US-China Relations:
  • Trump claims Xi assured him China won’t invade Taiwan during his presidency.
• Tariffs & Trade:
  • Trump delays new tariffs on Chinese goods linked to Russian oil purchases.
  • US expands Section 232 steel and aluminum tariffs by 407 product codes.
  • Trade tensions rise with India after US cancels talks scheduled for August 25.
  • EU pushes back against US efforts to weaken its digital rules, delaying joint trade statement.
• FX Market Moves:
  • Dollar steady as focus turns to Powell’s Jackson Hole speech.
  • Fed’s Daly signals multiple rate cuts possible this year.
  • EUR battles around 1.17, GBP rangebound, JPY weakens past 147.
  • Antipodeans supported by risk tone ahead of RBNZ decision.
  • PBoC sets yuan fixing stronger than expected.
• Commodities:
  • Crude oil little changed post-Trump-Putin talks.
  • Gold edges higher after two-way trade.
  • Copper gains modestly in Asia.

Takeaway:

Geopolitical tensions remain the key driver for markets, with traders watching Trump-Zelensky talks in Washington, upcoming European involvement, and Powell’s Jackson Hole speech later this week.