USD higher after US court says Trump doesn’t have ‘Liberation Day’ tariff authority

Here’s the news as it broke:

• A US federal court blocked Trump’s “Liberation Day” tariffs from going into effect

This is potentially big news. Trump is not going to like this and I suspect he’ll do whatever he can to ignore the ruling/get around it. Note, Trump can appeal this ruling.

Markets responding to the news though, taking the USD higher against safe have yen and CHF and also EUR.

Meanwhile, US equity index futures onGlobex are surging.

Yen, EUR, CHF lower (other major FX also to varying extents)

This article was written by Eamonn Sheridan at www.forexlive.com.