ING Economic and Financial Analysis

The threat of tariffs on copper imports to the US has driven the difference between the CME copper contract price and the LME to record highs A Tariff Bost The markets are already pricing in tariffs...

If Thursday was the 'Big Day' for US reciprocal tariffs, you wouldn't have known it by looking at the global equity rally or the slightly softer US dollar. The benign impact on markets of yesterday's...

Oil prices continued to decline in early trading following reports of upcoming negotiations between the US and Russia to end the war in Ukraine. Meanwhile, OPEC has maintained its global oil demand...

European currencies received a lift late yesterday following an update from Donald Trump that he'd had productive discussions with Vladimir Putin about a ceasefire in Ukraine. The rally may have a...

US inflation came in well ahead of expectations, prompting the market to dramatically reprice the prospect of rate cuts. Potential tariffs add upside risk to inflation in coming quarters, but there...

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 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...