Tariffs Extended, Gold Stays Tariff-Free, and FX Holds Steady Ahead of CPI

Episode Summary:
In today’s market briefing, we break down the key moves in FX, the latest on U.S.-China trade, fresh commodity updates, and the geopolitical developments to watch. The U.S. dollar index is steady ahead of CPI, the RBA delivers a widely expected rate cut, and major currency pairs are finding their footing. Washington and Beijing agree to extend the tariff suspension for another 90 days, with both sides taking reciprocal steps on trade restrictions. In commodities, gold holds ground after being spared from tariffs, copper prices tick higher, and Chile’s latest production data shows a mixed picture. Geopolitically, anticipation builds for the Trump-Putin meeting as Ukraine remains central to the conversation.

Key Topics Covered:

• FX Update: Dollar index stable, RBA cuts rates, euro back above 1.16, sterling bounce, yen near 148, yuan midpoint stronger than expected.
• Trade & Tariffs: U.S.-China extend tariff truce 90 days; China halts measures against U.S. entities; updated export controls; gold exempt from tariffs; chip sales to China restricted to older models with conditions.
• Commodities: Oil rangebound ahead of Trump-Putin talks; gold steady; copper higher on sentiment boost; Chile copper output data — Codelco up, Escondida and Collahuasi down.
• Geopolitics: Trump signals possible land swaps in Ukraine peace talks; Putin meeting seen as step toward ending the war; EU backs U.S. efforts while planning more sanctions and military aid.

Why It Matters:
These developments shape the global macro landscape, influencing currency moves, trade policy, and commodity markets. With U.S. CPI, the Trump-Putin meeting, and ongoing trade negotiations on the horizon, markets are bracing for the next round of shifts.

Listen Now to get the full rundown and stay ahead of the key drivers moving global markets today.