Last night we had The Federal Reserve meeting minutes from June’s meeting where just a few members backed an interest rate cut this month. Although concerns around inflation coupled with Trump’s tariffs have seemed to push the majority of members towards a rate cut later in the year.
Although tariff influence has been weighing heavy on markets, and will continue to do so for at least the next deadline set by Trump, The Federal Reserve seem keen to focus on more imminent economic data.
The Bank of England have also warned of the risks to financial markets remaining high even after The U.S paused the implementation of tariffs. The central bank pointed to persistent threats from geopolitical tensions, stubborn inflation and the continuous rising pressure on government debts.
U.S Copper prices have also rose by 1.4% to over $5 a pound which remains close to a record high reached earlier this week. Trump yesterday stated that he would be imposing 50% tariffs on all U.S Copper imports to take effect from August 1st. The potential damage to domestic Copper supplies is wide open right now, given that the U.S import at least half of their copper requirements. This is also potentially damaging to London’s Copper Futures when you consider that weaker demand for Copper will lead to a lack of activity in The UK market.
GBP/EUR 1.1591 GBP/USD 1.3597 GBP/AED 4.9962
GBP/AUD 2.0742 GBP/CHF 1.0809 GBP/CAD 1.8597
GBP/NZD 2.2619 EUR/USD 1.1717 GBP/ZAR 24.1300