News

Report coming in:

• Citi expects official confirmation of a 50% rate by US on copper in weeks
• Citi expects implementation within 30 days

Earlier:

• Trump will impose a 50% tariff on copper imports, prices jump

From that post:

• US needs imported copper and will need much more in order to build out the needed investments in the grid, broader infrastructure and electrification.
• I’m not sure how making it more expensive to import raw materials needed for those factories makes the US more competitive.

• There is certainly a need to incentivize the supply of mines in the US and elsewhere but a changeable tariff policy hardly achieves this. In any case, it takes many years — often decades — to build a copper mine so this will do nothing but drive up costs for the foreseeable future.

Its just lucky that I didn’t write that post. I woulda said something like ‘how stupid is this???’ Off to the naughty corner for me!

This article was written by Eamonn Sheridan at www.forexlive.com.

Reserve Bank of Australia Deputy Governor Andrew Hauser:

• Enormous amount of uncertainty in global economy
• Very surprising how markets are shrugging and moving on
• Effects of tariffs on global economy are profound, to drag on growth
• First round impacts of tariffs on Australia look minor
• Its still in the early days, but the worst trade fears have not materialized

more to come

This article was written by Eamonn Sheridan at www.forexlive.com.

What Trump just tweeted really makes no sense.

• We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon. Thank you for your attention to this matter!

Releasing countries? What?

Anyway, I translated it as releasing tariff info for 7 (or more) countries in the morning and more in the arvo.

This article was written by Eamonn Sheridan at www.forexlive.com.

• High Yield 3.891%
• WI level at the time of the auction 3.887%
• Bid to cover 2.51X vs 6-month average 2.61X
• Tail: 0.4 basis points versus six month average of 0.5 bps
• Directs (domestic buyers):29.4% vs six month average of 15.1%
• Indirects (international buyers) : 54.1% vs six month average of 66.6%
• Dealers: 16.5% vs. six-month average of 18.2%

Auction Grade: C-

The tail was near the average but still above the WI level.. The Bid to cover was below average. The Domestic buyers were greater than the average but the international buyers were lower. The Dealers were less than average.

This article was written by Greg Michalowski at www.forexlive.com.

More Trump:

• We will be announcing semi conductor tariffs soon.
• Believer copper tariffs will be 50%

On Israel:

• Will meet with Israel’s p.m. Netanyahu Tuesday evening
• Will talk about Gaza
• He wants to get it solved

This article was written by Greg Michalowski at www.forexlive.com.

Reserve Bank of Australia Deputy Governor Andrew Hauser is speaking:

• “What Has Australian Macroeconomic Thought Achieved in the Past Century – and Where Can it Contribute in the Next?”

Topic is

• at the Australian Conference of Economists

Hauser:

• RBA refreshing its research strategy, with new set of priorities
• RBA to expand research with external, academic partners

This article was written by Eamonn Sheridan at www.forexlive.com.

Reserve Bank of Australia Deputy Governor Andrew Hauser’s speech

• “What Has Australian Macroeconomic Thought Achieved in the Past Century – and Where Can it Contribute in the Next?”
• at the Australian Conference of Economists

begins soon.

That live link in the RBA tweet below leads nowhere.

This article was written by Eamonn Sheridan at www.forexlive.com.