Morning Juice – US Session Prep (11th July)

Sentiment
The dollar expanded its weekly advance, while GBP headed for its longest losing streak in 8 months after data showed the UK economy shrank for a second straight month. Treasuries and US equity futures declined.

Trump threatened a 35% tariff on some Canadian goods and raised the chance of increasing tariffs on most other nations, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.

Trump is also contemplating blanket tariffs of 15% to 20% on most trading partners, he said in an interview with NBC News on Thursday, adding that the exact levels are being worked out now. The current blanket tariff rate is 10%.

Saudi Arabia raised crude output far above its OPEC+ quota last month, joining other producers in a hurry to export oil out of the Persian Gulf as Israel went to war with Iran, according to the IEA.

Docket
08:30 ET
Canadian Employment for June
Employment Change – Forecast: 0k | Prior: 8.8k | Range: 25k / -10k
Unemployment Rate – Forecast: 7.1% | Prior: 7% | Range: 7.1% / 7%

Speakers & Events
13:00 ET
Fed’s Goolsbee speaks on ‘Moody’s Talk’.

Good luck, and have a good weekend!