Trump Vows More Tariffs from Air Force One

President Trump has announced a further 25% tax on both steel and aluminium imports to the US, severely impacting trade in Canada. Trump made the announcement whilst onboard an Air Force One trip to the Super Bowl.

The move comes after China hit back with tariffs of its own with $14bn tax on American exports as the trade war intensifies. However, with the majority of aluminium being imported from Canada, its closest neighbour looks set to suffer the most, as he again reiterated that Canada would benefit from becoming the “51st state”.

Australia hit back at Trump, with PM Albanese saying that its Steel exports create American jobs. Trump also signed an order marking February 9th as “Gulf of America” day, saying he was onboard the first flight over the newly named waters.

On Russia, Trump remained coy on conversations with Putin, saying he would “meet him at the right time” he also reaffirmed that he is committed to “buying and owning Gaza” allowing Middle East states to help rebuild the region.

Elon Musk’s DOGE team efforts on US Treasuries has found irregularities as Trump orders Musk to lead education and military audits that could find ‘billions’ in fraud, as he suggests that the US debt load is not that high.

The Dollar has opened the week stronger off the back of the move with traders seeing less scope for FED rate cuts this year, with the EUR, CAD and AUD losing ground as the pressure builds on commodities.

U.S.Non-Farm Payroll release surprised on the down side with a 143k reading, pointing to high wage growth and inflationary pressures, with both 2 & 10 yr treasuries closing higher and Gold breaking more records.

Labour unveils its new migration plans today in response to Reform’s surge in the polls, following reports that the party now has 200,000 members. Meanwhile, Nigel Farage has argued that the true cost of Britain’s Chagos Island deal could reach ￡52 billion if Mauritian Prime Minister Ramgoolam's proposed inflation-linked agreement is accepted. While the draft deal is set at ￡90 million for a 99-year lease, Farage claims that if inflation averages 3% over this period, the total cost would escalate to ￡52 billion.

In Japan, borrowing costs have hit a 14 year high amid an inflation spike, as potential wage increases leading to sell offs in government debt. Chinese inflation figures have also spiked as prices rise over Lunar New Year.

It’s a quiet start to the week data wise, with Governor Bailey’s speech tomorrow before US Inflation on Wednesday. Thursday brings UK GDP and US unemployment figures as we cap the week off with Eurozone GDP and US Retail sales.

Valentine’s Day: Its Influence on the Global Foreign Exchange Market

Valentine’s Day, celebrated worldwide on February 14th, is not only a day of love but also a significant economic event. The surge in consumer spending during this period can have notable effects on the global foreign exchange market, influencing various currencies in different ways.

Valentine’s Day is celebrated differently across the globe, leading to varied economic impacts. Take at look at 7 traditions from around the world and how they can influence the FX market.

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