Tariff talk driving bids back into the USD (USD/JPY excepted!)

This on tariffs:

• US Commerce Secretary Lutnick says Trump’s goal is to abolish the Internal Revenue Service

Trump wants tariffs to replace internal tax revenue. That this is not feasible is not stopping some buying of the USD. Spot traders aren’t here to mull the intricacies of policy possibilities, they are here to generate $ for the desk.

USD/JPY is sitting on its session lows but EUR/USD, AUD/USD, NZD/USD, GBP/USD are all reversing their earlier gains. And USD/CAD is turning around higher.

This article was written by Eamonn Sheridan at www.forexlive.com.