Markets were shaken by the latest court order, in the USA, by the US Court of International Trade. This effectively halted the Trump tariffs and was a boost to many Countries, that do not have a trade agreement with the USA. The US Dollar was in retreat, as the EUR moved back above 1.1350, and the GBP looked to regain 1.3500. The Trump administration immediately filed an appeal, which will be heard under urgency, making this ruling interim. The Trump administration is fighting a full-on judicial war, which may be decided by SCOTUS, or through the legislature. Trump met with Fed Chairman Powell, who steadfastly maintained monetary policy would be free of politics and impartial. Trump would have laid down the law to Powell, either backs down, or he will suffer the full force of the Presidency.The disruption in tariffs was good for the trade exposed commodity countries, which have no Free Trade Agreement, with the USA. This was a boost to the currencies, with the AUD close to regaining 0.6450, while the NZD is heading back to the strategic 0.6000. All eyes are on the US appeals Courts, while markets watch inflation data from the USA and Germany, to be released later today.
