Here are four things you need to know this morning
U.S. dollar slides again: Investors have been dumping the greenback today amid speculation that U.S. President Donald Trump may move quickly to nominate a U.S. Federal Reserve chief who is more likely to cut interest rates (lower rates tend to depress a currency). Bloomberg calculates that the American dollar has dropped to the lowest level against world rivals since April of 2022. A lower U.S. dollar makes it tougher for trade partners to sell into the U.S. market. The Canadian dollar rose about one-quarter of a U.S. cent to trade just above 73 cents today.
Analysts are generally ‘meh’ on Couche-Tard results: The latest quarter at convenience store colossus Alimentation Couche-Tard is broadly in-line with expectations, RBC says, reflecting a “challenging backdrop” amid weak consumer spending. Earnings per share slipped three per cent and there was no update on the massive bid for the parent of 7-Eleven. The company’s stock is down 14 per cent this year.
‘Revenge tax’ may be defanged: The U.S. Treasury Department says it’s nearing a deal that would make the proposed “revenge tax” on non-U.S. investors irrelevant. “We continue to have negotiations with our OECD partners and continue to hope that in the very short run we have a breakthrough,” deputy treasury secretary Michael Faulkender said. Trump’s signature tax legislation would impose a levy on companies and investors from countries that the U.S. determines have been unfairly imposing digital levies and other taxes.
Stop the noise: Finally, TechCrunch says Apple customers are miffed at getting an ad from the Apple Wallet app promoting the tech giant’s “F1 the Movie.” The film, starring Brad Pitt, explores the world of Formula 1. “However well-received the film may be,” TechCrunch says, “iPhone users don’t necessarily want their built-in utilities, like their digital wallet, marketing to them.” More than a decade ago, Apple customers were irked by a U2 album that automatically appeared in their iTunes music library.
