- UK events for Wednesday include a Bank of England speaker and CPI data for June
- If Trump fires Powell and appoints a lackey as Chair, that is only one vote out of 12
- Fed speakers Wednesday include New York head Williams. Beige Book also.
- China vice premier He Lifeng: China is stepping up efforts to boost consumption
- Apple signs $500M rare earth deal with US’ MP Materials to secure U.S. supply chain
- Morgan Stanley and UBS increase their 2025 China GDP forecasts
- There are multiple FAKE NEWS report of Powell to resign
- PBOC sets USD/ CNY mid-point today at 7.1526 (vs. estimate at 7.1914)
- Trump says has secured the votes for passing GENIUS Act
- China and Australia to review Free Trade Agreement
- Fed’s Logan says there is a lot of uncertainty about tariff pass-through to consumers
- 10-year US Treasury yield rises to a one-month high of 4.495%
- Fed’s Logan says ‘base case’ is Fed needs to hold tight for a while
- Ether rises to over five-month high above $3,138
- Trump says Powell renovations ‘sort of is’ a fireable offense
- US starts Section 301 tariff probe on Brazil’s trade practices
- China summit to have leaders from 20+ nations attending, 10 global bodies
- Japan manufacturers’ sentiment improved in July despite tariff worries (Reuters Tankan)
- Trump: Bessent an option to replace Fed chair but I like the job he’s doing at Treasury
- Trump says tariff payments start on August 1
- Trump auto tariffs deal won’t boost Tesla, as deeper concerns weigh on stock
- Japanese media repeats that Prime Minister Ishiba’s government risks losing its majority
- Will forexlive.com evolving to investinglive.com be the bell ringing on the market top?
- Hong Kong’s central bank continues FX intervention
- Asian markets will wake up to a troubling picture on Wednesday – risks all over the place
- Forexlive Americas FX news wrap 15 Jul: US CPI data shows signs of tariff inflation
- Reuters is reporting MUCH different API survey results for oil inventories
- US stocks close mixed, but near the lows for the day
- Bailey urges global cooperation to ease financial risks, remains cautious on digital pound
- Trade ideas thread – Wednesday, 16 July, insightful charts, technical analysis, ideas
The session began with confusion over the private oil inventory survey for last week. The headline API figure initially showed a massive 19 million barrel build, but this was quickly corrected to a much smaller 839K increase. Product figures were similarly revised. Official government data is due Wednesday morning (U.S. time). Crude oil prices traded in a narrow range.
Trump returned to the headlines, announcing that:
- Tariff payments will begin on August 1
- A trade deal with Vietnam is “pretty well set,” though still at the framework stage
- The U.S. is currently working on 5–6 trade agreements
- He expects 2–3 of those deals to be completed by August 1
- Pharmaceutical and semiconductor tariffs will begin around August 1
- Tariff letters to smaller countries are coming soon, with duties “a little over 10%”
- He called Fed Chair Powell’s leadership a “sort of” fireable offence
On the central bank front, Dallas Fed President Lorie Logan gave a speech reaffirming a patient stance on interest rates. Key takeaways:
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The Fed is likely to keep rates steady for now in a “wait and see” mode
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Rate cuts are not off the table — should inflation soften and the labor market weaken, a cut would be possible
In the Q&A, Logan emphasized uncertainty around how much tariffs will be passed on to consumers
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Many businesses are adopting a wait-and-see approach before raising prices
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The FOMC will continue to monitor the data through summer and into autumn before making decisions
In crypto, Trump posted that he had secured the votes needed to pass the GENIUS Act.
Major FX pairs remained tightly range-bound, while U.S. Treasury yields held at elevated levels.
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ETH/USD hit a fresh 5-month high BEFORE Trump announced he had secured the votes for his GEMIUS Act. The GENIUS Act and other U.S. legislative progress toward stablecoin regulation are boosting confidence—and demand—in the Ethereum ecosystem.
This article was written by Eamonn Sheridan at www.forexlive.com.