The risk off mood is still persisting but the dollar is at least off its earlier highs going into the session ahead. EUR/USD is down 1.1% to 1.0250 but that’s at least off the low earlier in the day of 1.0210. Similarly, USD/CAD is now only up 1.0% to 1.4675 and that is much lower from the high earlier of 1.4792. Do be reminded that all the dollar charts, except for USD/JPY, have opened with a gap favouring the greenback.
In other markets, risk trades are still being bodied though. S&P 500 futures are down 1.6% with Nasdaq futures down 1.8% on the day. In Europe, the DAX and CAC 40 are both down 1.7% currently.
The bright side at least is that things did not get worse in European morning trade. But then again, this is the quiet period with Trump also off to bed before the barrage of headlines start to come in again. And we’re into the crucial 24-hour period now before the tariffs against Canada and Mexico kick into effect on 4 February tomorrow.
Is there really going to be a last-minute accord to stall the tariffs? Or is Trump going to let all hell loose before reining in the flames?
As much as there is a bit of a breather here in Europe, I don’t think this is one of those days where dip buyers will be willing to brave the storm unless there are positive headlines.
Otherwise, there’s every chance the selling will hit harder in the next two days before calmer heads prevail.
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