Yesterday, USD strengthened against all major currencies.
In a notice released yesterday, the U.S. Trade Representative (USTR) is planning to impose new tariffs on European exports. Also, they are looking to increase duties on some products to as high as 100%, thus doubling the price of those products which may stop their entry into the country. The new tariffs would likely kick in in September if the U.S. decides to carry out their plans.
The International Monetary Fund (IMF) has downgraded its outlook for the world economy, expecting the global GDP to shrink by 4.9% this year and sees a deeper recession with a longer recovery period. This led to the increase in demand of safe haven currencies like the USD.
The Durable Goods Orders m/m data and the Final GDP q/q data will be released later at 2030 (SGT).
In a notice released yesterday, the U.S. Trade Representative (USTR) is planning to impose new tariffs on European exports. Also, they are looking to increase duties on some products to as high as 100%, thus doubling the price of those products which may stop their entry into the country. The new tariffs would likely kick in in September if the U.S. decides to carry out their plans.
The International Monetary Fund (IMF) has downgraded its outlook for the world economy, expecting the global GDP to shrink by 4.9% this year and sees a deeper recession with a longer recovery period. This led to the increase in demand of safe haven currencies like the USD.
The Durable Goods Orders m/m data and the Final GDP q/q data will be released later at 2030 (SGT).
- Core Durable Goods Orders m/m (Forecast: 2.1%, Previous: -7.7% revised from -7.4%)
- Durable Goods Orders m/m (Forecast: 10.3%, Previous: -17.7% revised from -17.2%)
- Final GDP m/m (Forecast: -5.0%, Previous: -5.0%)
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