| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | United Kingdom | Claimant count | December | -25.1 | 10.3 | 0.7 |
| 07:00 | United Kingdom | Average Earnings, 3m/y | November | 5.2% | 5.6% | 5.6% |
| 07:00 | United Kingdom | Average earnings ex bonuses, 3 m/y | November | 5.2% | 5.5% | 5.6% |
| 07:00 | United Kingdom | ILO Unemployment Rate | November | 4.3% | 4.3% | 4.4% |
During today's Asian trading, the US dollar rose markedly against major currencies, retreating from the 2-week low reached yesterday amid reports that Donald Trump to lay out trade vision but won't impose tariffs yet.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.46% to 108.58. Investors initially welcomed the possibility of a delay in Trump's tariffs, but soon the US president announced that he is considering the possibility of introducing 25% duties for Mexico and Canada as early as February 1. This caused a sharp drop in the Mexican peso and the Canadian dollar. Trump also said he wants to reduce the U.S. trade deficit with the European Union either through tariffs or increased energy exports. In addition, Trump rescinded a 2021 executive order that stipulated that by 2030, half of all new cars sold in the United States would be electric. Trump's plans to impose high import duties were in the focus of financial markets, as such a policy would spur inflation and accelerate the growth of the US economy, which would strengthen the US dollar and complicate the process of monetary policy easing for the Fed. According to the CME FedWatch Tool, markets see a 0.5% probability of a 0.25% rate cut in January (compared to 2.1% a week ago), while the probability of an additional rate cut in March is 30.2%.
The Chinese yuan fell slightly against the US dollar, while market participants tried to to understand what Trump's plans to impose tariffs on the world's second largest economy might be. Although he threatened to impose duties of up to 60% on Chinese imports, the lack of any immediate action so far has made markets cautious.