Market & News Briefing (August 18, 2025)
In this episode, we cover the latest developments shaping global markets, focusing on FX, commodities, trade, and geopolitics.
Key Topics:
- Russia–Ukraine War:
- Trump-Putin summit made “great progress” but no ceasefire reached.
- Zelensky in Washington for talks with Trump and European leaders.
- EU stresses Russia cannot veto Ukraine’s EU or NATO path.
- Putin signals willingness for compromise but insists “root causes” must be addressed.
- Middle East Update:
- Israel strikes power station near Sanaa, Yemen.
- Israel begins relocating Gaza residents with tents and shelters, condemned by Hamas as forced displacement.
- US-China Relations:
- Trump claims Xi assured him China won’t invade Taiwan during his presidency.
- Tariffs & Trade:
- Trump delays new tariffs on Chinese goods linked to Russian oil purchases.
- US expands Section 232 steel and aluminum tariffs by 407 product codes.
- Trade tensions rise with India after US cancels talks scheduled for August 25.
- EU pushes back against US efforts to weaken its digital rules, delaying joint trade statement.
- FX Market Moves:
- Dollar steady as focus turns to Powell’s Jackson Hole speech.
- Fed’s Daly signals multiple rate cuts possible this year.
- EUR battles around 1.17, GBP rangebound, JPY weakens past 147.
- Antipodeans supported by risk tone ahead of RBNZ decision.
- PBoC sets yuan fixing stronger than expected.
- Commodities:
- Crude oil little changed post-Trump-Putin talks.
- Gold edges higher after two-way trade.
- Copper gains modestly in Asia.
Takeaway:
Geopolitical tensions remain the key driver for markets, with traders watching Trump-Zelensky talks in Washington, upcoming European involvement, and Powell’s Jackson Hole speech later this week.