Financial markets grappled with competing forces last week as trade tensions, economic data releases, and central bank actions painted a complex picture. The overarching theme was uncertainty surrounding U.S. tariffs and their impact on global growth.

The update covers: 

• Tariff tug-of-war – Why fresh U.S. steel duties rattled FX markets yet equities held up, and what a possible China compromise could mean next.
• Data dichotomy – Weak manufacturing and construction vs. a jump in job openings: which series will the Fed care about most?
• Global policy watch – Japan’s inflation dilemma, the RBA’s easing bias, and the ECB’s “Goldilocks” conundrum.
• Commodities & currencies – Oil whipsaws on OPEC+ supply and geopolitical risk; AUD and CAD price-in rate-cut odds.
• The week ahead – Key levels to watch into Friday’s U.S. payrolls and why bond traders see a higher probability of Fed easing.

Get access to the graphs: www.investsense.com.au/industry-articles/markets-digest-mixed-signals-amid-tariff-uncertainty 

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