February 10, 2025
United States:
Dollar, Gold Rise After Trump’s Latest Trade Salvo
The dollar strengthened and gold hit a record high as President Donald Trump’s plan for steel and aluminium import tariffs brought fresh disruption to markets. US stock futures signalled a rebound from Friday’s slump.
The yen and the Canadian dollar were the main losers against the greenback as the Bloomberg Dollar Spot Index rose to its highest in nearly a week.
Europe:
ECB’s Guindos Says US Trade Policy Causes ‘Huge Uncertainty’
European Central Bank Vice President Luis de Guindos said US trade policy is triggering major friction for the global economy.
“Today we woke up to the issue of steel and aluminium,” Guindos told Spain’s TVE on Monday, referring to President Donald Trump’s latest round of tariff plans. “Apart from the geopolitical risks, I think that the policy of the new American administration obviously creates a situation of huge uncertainty.”
Asia:
Japan Current Account Surplus Hits Record Amid Trump Uncertainty
Japan’s current-account surplus hit a record high in 2024 with the yen’s weakness inflating the value of overseas investment returns, in a bullish development that comes just as US President Donald Trump’s economic policies cloud the outlook.
The surplus reached ¥29.3 trillion ($193 billion), the most recorded in comparable data going back to 1985, the Finance Ministry reported Monday.
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