USD Choppy as Markets Digest Tariff Ruling; Trump Speech Awaited

The US dollar is trading erratically across major pairs as markets struggle to interpret the implications of a Supreme Court tariff ruling and its potential reversal. Price action has been choppy with no clear directional bias, as traders weigh the possibility that the Trump administration may reconstitute tariffs through alternative legal mechanisms. Administration officials have repeatedly signaled they retain multiple avenues to reimpose trade barriers, and the initial market reaction suggests participants are largely pricing in that outcome. However, uncertainty remains elevated as the president is expected to address the situation shortly, which could trigger sharp moves across USD pairs. The lack of tariff and constitutional law expertise on trading desks has contributed to indecisive positioning. Key risk events center on the upcoming presidential remarks, which may clarify the administration's next steps. Traders should exercise caution and consider reducing position sizes given the heightened volatility environment and binary risk of the speech outcome.