ING Economic and Financial Analysis

With Trump ordering a 25% import tax on all steel and aluminium entering the US, trade tensions are inching closer to Europe. We take a closer look at how European policymakers could react. Spoiler...

The euro has been doing a little better this week. It is unclear whether this is some re-assessment – helped by the outperformance of eurozone equities – that all the bad news is priced in. However,...

The oil market traded under pressure after rising for three consecutive sessions as the latest inventory numbers from the American Petroleum Institute (API) remain largely bearish. The market awaits...

After 100bp of rate cuts, Fed Chair Powell suggests policy remains restrictive – even if inflation remains elevated they will merely “maintain” policy restraint for longer. This indicates an...

President Trump has signed an executive order imposing an additional 25% tariff on steel and aluminium imports into the US, effective March 12, 2025. With four weeks until the tariffs take effect,...

US President Donald Trump has announced a 25% tariff on steel and aluminium imports, effective March 12. The tariffs will apply to all US imports, including from Canada and Mexico, and will also...

As we await the next tariff news from the Trump administration, it is noticeable that some European currencies are outperforming. The Scandies, in particular, and some parts of the Central and...

US President Donald Trump plans to impose 25% tariffs on all imports of steel and aluminium into the US but hasn't specified when the new duties would take effect. Gold extended to near a record on...

The combination of wider interest rate differentials and broadening US tariffs are providing continued support to the US dollar. We can't see that changing this week USD: More Tariffs Are...

The US dollar faces downside risks today as US payrolls should slow and annual benchmark revisions could be significant. That could more than offset some safe-haven flows on the back of souring China...

The Fed is cautious, and so is the Bank of Japan. The ECB seems determined to keep cutting and the Bank of England might be tempted to speed up its rate reduction pace later in the year. The US...

The US dollar remains in corrective mode on the back of this week's tariff news and the drop in 10-year US yields. Tomorrow's US jobs data will have a big say in whether this correction needs to go...

Despite oil prices facing downward pressure yesterday due to a significant drop in US oil inventories, the market has found stronger support this morning as Saudi Arabia raised its official selling...

We observe that key China proxies like AUD have erased their risk premium on the back of a consensus view that Beijing will secure a deal with the US and prevent an escalation in trade tensions. We...

It was a session of two halves for oil yesterday with prices initially weaker on the back of China’s retaliatory tariffs against the US. However, a tougher US stance on Iran saw the market claw back...

Markets are readjusting after Trump’s last-minute deals with Mexico and Canada which delayed tariffs by a month. From now on, markets may well handle tariff threats even more cautiously, but a new...