Good morning traders. It’s Friday, and while the macro calendar remains light, markets are far from quiet.
Thursday offered little in terms of data — just U.S. unemployment claims, which came in slightly better than expected at 227,000. But the real story was trade tension. Overnight, Donald Trump slapped Brazil with a 50% tariff, and later signaled more tariffs are coming — this time aimed at Canada (35%) and potentially the entire European Union. Markets took notice, but volatility stayed contained… for now.
Friday morning kicked off with a negative surprise from the UK: GDP dropped -0.1% vs. +0.1% expected. The British pound dropped sharply on the release.
In equities, European indices opened lower, erasing part of the week’s strong gains as traders brace for Trump’s official tariff statement expected later today. U.S. futures are flat, waiting for direction.
On the currency side, the Australian dollar remains strong, while the yen and euro are still under pressure. Commodities are mixed — silver continues its breakout, copper holds gains, and oil is testing a key trendline, with a bearish breakdown still on the table.
And in crypto, Bitcoin is still holding above $118,000 after a powerful overnight breakout, keeping bullish momentum intact heading into the weekend.