Trump to lay out trade vision but won’t impose tariffs yet – report

The first market-moving headline of the day is out with the WSJ reporting that Trump will lay out a trade vision but won’t impose new tariffs yet.

The US dollar is down 50-100 pips across the board on the headlines.

USD/CAD is down a full cent:

We’re going to be dealing with tariff headline for four years. I wouldn’t expect these headlines to be denied right away but this is going to be the landscape.