Trump touts call with South Korea's Acting President, says he's waiting for China callTrump still hasn't signed document for additional 50% tariffs on China - reportUSD/CNH hits 7.40 for the first time as yuan continues to weakenWhite House: Trump directed team to have tailor-made trade deals with every countryWhite House Press Secretary Levitt says tariffs on China have not gone into effect yetBank of England Lombardellli: Tariffs are likely to depress activityHassett: Getting ready to present a plan to Trump on who and when for tariff talksItaly's PM Meloni: Will be in Washington on April 17 to discuss tariffs with Pres. TrumpFed's Goolsbee: Tariffs are much worse than what we had been modelingFed's Daly: We have time to tread slowly and carefully on policyUSTR Greer: Costs from tariffs often rarely get down to the consumerUSTR Greer: There is no particular timeline on Trump's negotiations on tariffsUS treasury auctions off $58 billion of 3-year notes at a high yield of 3.784%Netanyahu takes an ultra-hawkish position on Iran's nuclear programGoldman Sachs: We're making a major shift in our USD view, EUR/USD forecasts hikedCanada March Ivey PMI 51.3 vs 55.3 priorGerman Economic Institute cuts 2025 GDP growth forecast to +0.1% from +0.8% in SeptemberJPMorgan now expects four consecutive ECB rate cuts
Gold down $2 to $2981S&P 500 down 1.6%US 10-year yields up 14 bps to 4.29%WTI crude down $2.31 to $58.39CHF leads, AUD lags
There was a singular theme in trading today and it was optimism that Trump could delay planned tariffs both due at midnight New York time, both the reciprocal ones on the broader world and the extra 50% on China. US equities opened strongly and that was followed by commodity currencies and some moderate yen selling.
At the same time, there were no indications of a pause on broader reciprocal tariffs despite Trump and other officials talking about negotiations. The gameplan appears to negotiate trade deals with those tariff rates in place, based on the comments from various officials. That could obviously change but we now perilously close to the deadline.
The euro and pound were better-behaved as they chopped sideways in 50-75 pip ranges while the yen held a broad bid.
Overall, the game right now is to wait until midnight and go from there. If there is no help, we could have an ugly day on Wednesday.
This article was written by Adam Button at www.forexlive.com.
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