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USD Slides as Supreme Court Blocks Trump Tariffs; AUD Gains

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Forex Market 

USD Slides After U.S. Supreme Court Blocks Trump Tariffs; Risk Rally Lifts AUD 

The USD slid after the U.S. Supreme Court blocked President Trump’s global tariffs, boosting risk sentiment and lifting Wall Street, while U.S. yields edged modestly higher and the greenback weakened broadly. The AUD outperformed, with AUD/USD closing stronger after trading within a wide range. Although Trump later reimposed temporary tariffs under Section 122, risk appetite remained firm into the close.
Over the past 24 hours, major currency pairs traded in broad ranges, with the AUD and EUR strengthening, GBP advancing, USD/JPY easing, and the DXY fluctuating before finishing softer.
In the UK, stronger-than-expected retail sales supported sterling, while UK and Eurozone PMIs also beat expectations but generated limited market reaction. Meanwhile, U.S. fourth-quarter GDP disappointed relative to forecasts, briefly weighing on yields and the USD, with the U.S. 10-year yield holding around recent highs.

 

General Market

Wall Street

  • Dow Jones +0.5% | 49,626
  • S&P 500 +0.7% | 6,910
  • Nasdaq +0.9% | 22,886
  • VIX -5.6% | 19.09

Asia-Pacific

  • ASX 200 -0.1% | 9,081
  • Nikkei -1.1% | 56,826
  • Shanghai Comp -1.3% | 4,082
  • Hang Seng -1.1%

Europe

  • CAC +1.4% | 8,515
  • DAX +0.9% | 25,261
  • FTSE +0.6% | 10,687

 

Headlines to Watch

United States

  • Remarks from several Federal Reserve officials, including Waller, Cook and Musalem, with markets assessing the policy outlook.
  • Chicago Fed National Activity Index, Factory Orders and Dallas Fed Manufacturing data for further clues on growth momentum.
  • Ongoing developments surrounding U.S. trade policy following the tariff ruling and temporary re-imposition.

Europe

  • ECB President Lagarde speaking in Washington, with focus on inflation trends and rate guidance.
  • Follow-through from stronger-than-expected Eurozone PMI data.

United Kingdom

  • BoE’s Alan Taylor speaking, as investors gauge implications for the UK rate path.
  • Reaction to stronger UK retail sales and recent PMI readings.

New Zealand

  • Q4 Retail Sales (ex-inflation), providing insight into domestic demand and potential RBNZ policy implications.

Australia

  • January CPI data due mid-week, with particular attention on the trimmed mean measure and what it signals for RBA rate expectations.
Currency Pair Mid-market Rate
AUD/USD 0.7101
AUD/NZD 1.1840
AUD/JPY 109.67
AUD/CNY 4.9027
AUD/EUR 0.6005
AUD/GBP 0.5251
AUD/HKD 5.5493

 

 

 

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