Saxo Market Call
How the USD bear case finds confirmation
Feb 11, 2025
The podcast dives into the potential for a USD bear case, highlighting recent developments in U.S. steel tariffs and their effects on the market. A closer look reveals shifts in tech stocks, particularly in the AI sector. The discussion also touches on rising prices for gold, silver, and Arabica coffee due to supply issues and economic policies. Additionally, it examines consumer struggles through retail sales data, connecting these insights to upcoming U.S. Treasury auctions and broader market sentiment.
22:34
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Quick takeaways
- The announcement of new tariffs on steel and aluminum has significantly boosted U.S. steelmakers, particularly Cleveland Cliffs, reflecting strong sector-specific investor interest.
- The strengthening of the Japanese yen against major currencies indicates a shift in market sentiment towards more stable currencies amidst broader economic concerns.
Deep dives
Impact of New Tariffs on the Market
The announcement of new tariffs on steel and aluminum has caused significant movement in the market, particularly benefiting U.S. steelmakers. Cleveland Cliffs saw a notable increase of nearly 18%, reflecting strong investor interest in steel stocks amidst these tariffs. While the overall market response has been muted, this indicates that specific sectors are reacting positively to policy changes. The upcoming implementation date of March 12 for the tariffs adds an element of anticipation and speculation, particularly regarding potential exceptions for countries like Australia.
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