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Currencies and stock markets were battered by the weekend announcements. Canadian Dollar, Mexican Peso and China Yuan obviously. The Aussie was collateral damage.
Gold fell as well. A crash is where everything goes down. A reallocation is where one asset is hammered and another benefits.
Thus far looks like a crash.
US index futures are currently backing this up.
US Equity Futures
Trudeau responds to Trump's tariffs yesterday and there are rumours of a meeting today with Trump.
Lagarde and Von der Leyen: Europe has got the message on change [FT]
Banks face growing risk as double defaults on commercial loans mount [FT]
Senior U.S. official exits after rift with Musk allies over payment system [Washington Post]
Most indexes were down, particularly Japan and Australia
Nikkei 225 Daily
I cleaned up a very messy chart. Bitcoin smoked but still in the megaphone formation marked in orange.The lower orange line connects the 2 highs in 2021. Looks like price has tagged it.
BTC / USD Daily
USD / CAD making a break for 1.5000
USD / CAD Daily
Aussie below 0.61c and looks to head to the COVID low at 0.5500
AUD / USD Daily
US Treasuries were stable but Canadian 10 year yield was sharply lower.
Canada 10 Year Government Bond Yield Daily
Most telling is Gold. Breaks to new all time highs and then sells off
Gold / USD Daily
Rice price rise pushes Japan to tap strategic reserves [FT]
Chad breaks off military pact with France; Senegal wants French troops out [Politico]
City of London Hit Harder Than Rest of Economy Since Brexit Vote [Bloomberg]