USD, CHF, CAD flows: USD edging lower, CHF vulnerable, CAD to benefit

The personal income and consumption data was marginally on the strong side of consensus, but the deflator was in line and the data has had little market impact. The USD is showing a little softness, possibly due to the new Trump tariff announcement, although there may also be some early end of month hedging which might be weighing slightly on the USD. If tariffs are a concern, the CHF might now be the most vulnerable, as it is the most dependent on pharma exports, but thus far EUR/CHF is unmoved. The CAD could gain a little after slightly stronger than expected GDP data, but a fairly quiet end to the week looks likely.