| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 05:00 | Japan | Consumer Confidence | May | 31.2 | 31.8 | 32.8 |
During today's Asian trading, the U.S. dollar rallied after a federal court ruled against President Donald Trump’s broad import tariffs, lifting the greenback against major peers. The Court of International Trade found that Trump exceeded his authority in imposing sweeping duties on imports from key U.S. trade partners. Markets initially responded with optimism, as the ruling raised hopes that Trump’s controversial tariffs - linked to stagflation risks and weakening investor confidence - could be rolled back. The administration swiftly appealed the decision, leaving the long-term outcome uncertain. Despite the legal challenge, analysts noted that Trump could still pursue sector-specific or alternative tariff paths. Goldman Sachs warned the ruling may not alter the final impact for most U.S. partners, but it adds uncertainty to trade policy.
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 0.25% to 100.15. Meanwhile, 10-year Treasury yields rose to 4.53%, reflecting reduced expectations of Federal Reserve rate cuts. Traders now see just a 22% chance of a July cut and a 60% chance in September, as Fed minutes flagged persistent inflation risks—amplified by tariff-related pressures.
The ruling also impacted global sentiment: equities rose, and demand for safe-haven assets like the yen and Swiss franc declined. Trump’s recent delay of new EU tariffs further supported market risk appetite, although investors remain cautious amid ongoing legal and fiscal uncertainty.