 Global headlines remain focused on US President Donald Trump’s unfolding tariff regime. But traders are telling a slightly different story. FTSE and DAX slip into negative territory, but the pullback in equities remains limited. Sterling and Euro are both strengthening against Dollar indeed. Tones out of London and Brussels are in stark contrast. UK Chancellor Rachel Reeves signaled a desire to avoid escalation, saying the UK has no intention to join the trade war at this stage. European Commission President Ursula von der Leyen struck a firmer stance, warning the US tariffs would harm businesses and consumers. EU also vowed retaliation with a “robust toolbox.” So far, it appears that the bounce in EUR/USD and GBP/USD are mainly due to Dollar's own weakness. If anything, Dollar’s decline suggests traders might already be pre-positioning for next week’s announcement of reciprocal tariffs. But it’s hard to draw firm conclusions yet, especially with quarter-end portfolio adjustments likely distorting some of the price action across assets.... | 
