USD: Uncertainty over Trump tariff objectives lends itself to choppy trading - ING

Various US media reports overnight state that President Trump may or may not sign a Presidential Proclamation on steel and aluminium import tariffs today, while Canada and Mexico may or may not be exempt from any measures, suggests Viraj Patel, Research Analyst at ING.

Key Quotes

“Such ever-changing US trade policy lends itself to a choppy trading environment – with the USD broadly on the back foot given the general White House chaos. CAD saw a partial relief rally on news of tariff exemptions; CAD/MXN downside looks overdone in 2018 (-7.5%) especially given the local economic and political risks.”