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22 Jan 2025

Oil comes under pressure with the growing threat of tariffs – ING

The oil market’s attention is slowly turning away from US sanctions against Russia towards President Trump’s potential trade policy, which saw Brent settle below US$80/bbl yesterday.

Trade and tariff risks are growing

“The president has reiterated his threats to impose a 25% tariff on imports from Canada and Mexico, potentially by 1 February.”

“Overnight, he also threatened 10% tariffs on China in retaliation to fentanyl flows from the country, which has kept some pressure on oil prices in early morning trading in Asia today. Clearly, trade and tariff risks and the potential for retaliation are growing.”

Jan 22, 2025

DXY: 2-way trades on a daily chart – OCBC

US Dollar (USD) bounced slightly on headlines that President Trump is considering a 10% tariff on China in retaliation for the flow of fentanyl on 1 February. Trump also said that ‘we are talking about a tariff of 10% on China based on the fact that they are sending fentanyl to Mexico and Canada’.
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Jan 22, 2025

USD/JPY: Hike has been priced in – OCBC

USD/JPY consolidated after the recent decline. Markets have nearly priced in a 25bp hike (92% probability) at the upcoming MPC (Friday). USD/JPY was last seen trading at 155.70, OCBC’s FX analysts Frances Cheung and Christopher Wong note.
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