ForexLive Asia-Pacific FX news wrap: Trump reciprocal tariff announcement due later ...0

BYD cuts prices in Japan - seeks to gain market shareGoldman Sachs sees yen longs as the best hedge against US recession and tariff risksFederal Board Governor Kugler speaks on inflation and monetary policy making on WednesdayTrump’s so-called "Liberation Day" unlikely to resolve U.S. tariff uncertaintyEuropean Central Bank big wheels Lagarde, Lane and Schnabel are all speakin on wednesdayCanada to avoid countertariffs that risk Canadian jobs, price hikes – Globe and MailBoJ's Ueda says US tariffs likely to push up US inflation in near termICYMI - China's new guidelines to boost financial support for tech innovation: key pointsPBOC sets USD/ CNY mid-point today at 7.1793 (vs. estimate at 7.2663)Bank of Japan Governor Ueda will be speaking soon, from 0110 GMT/ 2110 US Eastern timeAustralian February building permits -0.3% m/m (expected -1.5%)ING says Japan rate rise expectations too low, sees BoJ neutral rate near 2%Wells Fargo warns April 2 risks ‘not small’ , but express longer term optimismRBA's Kent says will raise new OMO repo rate by 5bp to 10bp above cash rate targetSouth Korean March CPI +2.1% y/y (+2% expected)Fed's Goolsbee says strength of economy still there, but confidence almost crateringBessent says Trump will announce a maximum for tariffs, countries can then bring them downNew Zealand data - February Building permits +0.7% m/m (prior +2.6%)Markets still guessing as tariff risks escalate, warns Deutsche BankUS Treasury has floated a new tariff option for Trump to consider!Oil - private survey of inventory shows a headline large crude oil build vs. draw expectedForexlive Americas FX news wrap: Another round of tariff fears fadeTrade ideas thread - Wednesday, 2 April, insightful charts, technical analysis, ideas

Late in the US afternoon were a couple of fresh tariff news items.

1. The Wall Street Journal reported that the US Treasury and Commerce depts. had prepared another option for Trump to consider:

across the board tariff increaseon a subset of nationswould not be as high as 20%

2. US Treasury Secretary Bessent was reported as saying that the tariffs to be announced today are a ‘cap’:

the amounts to be announced Wednesday are the highest the tariffs will gocountries could then take steps to bring the tariffs down

‘Risk’ FX caught a small bid on the Bessent story, with EUR, AUD, NZD all a little higher before subsiding again. As I update EUR/USD, GBP/USD, USD/CAD are all little net changed on the session. AUD and NZD have outperformed, though.

Reserve Bank of Australia Assistant Governor (Financial Markets) Christopher Kent spoke, flagging a small rise in the rate on all new RBA OMO repos by 5 basis points to 10 basis points over the cash rate target (more detail in the bullets above). Kent added that the changes have no implications for the stance of monetary policy. I know correlation is not causation and all that, but AUD has risen on the session.

While speaking about central banks, Bank of Japan Governor Ueda appeared in the Diet (Japanese parliament) today. He addressed the likely impacts of US tariff policy, saying, amongst other points, that depending on the size of US tariff hikes, they could have a big impact on trade activity in each country. The yen has done little on the day. USD/JPY ticked a little higher, topping out just over 149.90.

Gold traded solidly higher, hitting highs circa US$3135.

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

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