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The striking of a trade agreement between the US and the UK would not ordinarily make global headlines, yet Thursday’s news takes on more importance than meets the eye.

Markets experienced another week of extreme volatility last week, as investors tried to react to the chaotic policy orders and counter orders coming out of the Trump administration.

Liberation Day set off one of the worst crashes in recent memory in risk assets worldwide. Not only were Trump's tariffs much worse than expected, but the arbitrary and chaotic way in which the actual numbers were produced further spooked investors.

Currencies traded within tight ranges of each other in a week when economic or policy news was relatively sparse, awaiting Trump's announcement on "reciprocal tariffs" on Wednesday. This announcement will come right after a volley of 25% flat tariff on all foreign made vehicles imported into the US.

Just over 50 days have passed since Donald Trump was sworn in as the 47th President of the United States, and to say that it has been an eve...

Trump's apparent demolition of the post-war European security architecture is having a paradoxical impact in currency markets. It is forcing Europe, and Germany in particular, to embrace massive increases in defense spending, to be financed apparently via deficit spending and additional debt.

The dollar is trading higher across the board this afternoon after President Trump cooked up another storm on his Truth Social account, proclaiming that tariffs aimed at Canada and Mexico would go ahead as planned next week.

The US dollar has rallied against almost every currency in the world overnight, as investors digest the news of the big outperformance in the polls from Donald Trump.There was a broad consensus among market participants and political pundits that this year’s election would be one of the closest run races in living memory.

The soft second quarter GDP report out of China had a disproportionately large bearish impact on the Aussie dollar last week, as is typical given the close economic ties between the two countries.

AUD once again outperformed its New Zealand peers last week, as the dovish RBNZ announcement emphasised the growing rate divergence between the two nations. Australian inflation has continued to surprise to the upside, and investors remain convinced that the Reserve Bank of Australia won’t even begin contemplating cuts until 2025.

AUD posted fresh gains against most major currencies again last week, edging towards its highest level in six months on the greenback.

The rising cost of hedging the Aussie dollar.This week saw the AUD fall close to 3% to below 0.66c against the USD - while also seeing simil...