The euro is in focus today with Trump slated to deliver a tariff letter to Von Der Leyen outlining a tariff rate, likely with an August 1 deadline.

The market would be expecting to see a 20% headline rate, which is in-line with what he announced on ‘Liberation Day’ before backtracking. Like that day, whatever number he announces today will be a point of negotiation rather — and likely theatre — than anything real.

I’ll be interested to see how quickly the dip in the euro is bought. It took less than an hour for the loonie to materially bounce while it took the Brazilian real about 3 hours to turn.