US courts deal blow to Trump

Yesterday's currency recap

For the second day in a row, the dollar's upward momentum persists, driven by the anticipated month-end flows. This week's economic data has provided reassurance about the US economy, as consumer confidence surged in May, buoyed by the easing of China tariffs and the subsequent rebound in equity markets.

Today's GBP rates

Key data points

Today's speeches

• USD: Fed Barkin, Goolsbee, Kugler
• GBP: BoE Bailey

What we think

The dollar jumped overnight after the US Court of International Trade has blocked Donald Trump’s deeming them illegal, laying out a 10-day deadline for the levies to be stopped. Both GBPUSD and EURUSD hit 9-day lows before some of this move faded as European markets opened this morning. The global risk rally also continued with equity markets continuing to climb but some of these gains were boosted by Nvidia results. The Trump administration is appealing the ruling.

Just the second estimates on Q1 growth and core PCE inflation today but given these are backward looking measures, neither are expected to have much impact on the markets.

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