Risk sentiment to stay weak in near term; yen may strengthen furtherWall Street Journal's Timiraos on the Federal Reserve: “They are in a no-win situation”Reserve Bank of New Zealand cuts rate by 25bp, as widely expectedex-JPMorgan’s Kolanovic: Market turmoil unprecedented, Fed response unusually mutedCounting down, less than 3 hours to go: US Imports from China face 104% tariff at midnightPBOC sets USD/ CNY reference rate for today at 7.2066 (vs. estimate at 7.3348)Japan Kato: Won’t sell us Treasury holdings just from standpoint of US-Japan relationsTrump says China is manipulating yuan to offset against tariffsBank of Japan Governor Ueda scrutinizing US tariff impact on JapanExpectations are for another very heavy dampening of USD/CNY reference rate again todayForeign aid. Trump can be pig-headed stubborn, is there a sign he'll soon bend on tariffs?Goldman Sachs say escalating US-China tariff tensions a downside risk to economic growthSouth Korea announces emergency measures for auto industryFitch downgrades six Chinese banksTrump administration has moved to restore some terminated foreign aid programsStock Market Forecast: Impact of Tariffs and Future TrendsBMO: Tariff escalation means too early to call a 'risk' bottomFitch Ratings warns US tariffs may temporarily trim deficit but deliver dire consequencesForexlive Americas FX news wrap: Hope for a tariff deal dwindles, yuan hits record lowTrade ideas thread - Wednesday, 9 April, insightful charts, technical analysis, ideasOil - private survey of inventory shows a headline crude oil draw
US equity index futures declined sharply, falling as much as 2% before stabilising. The Australian and New Zealand dollars were also hit, each dropping to their lowest levels since 2020 amid rising geopolitical and trade tensions.
In Japan, Bank of Japan Governor Kazuo Ueda struck a cautious tone, saying the central bank remains in wait-and-see mode to assess the broader impact of the tariffs. Meanwhile, Japanese officials are reportedly heading to Washington for direct talks on trade measures.
Elsewhere, the Reserve Bank of New Zealand cut its official cash rate by 25 basis points, in line with expectations. In the FX space, EUR/USD climbed to briefly trade above 1.1040, while AUD and NZD rebounded from their earlier lows. GBP/USD also advanced. USD/JPY dipped below 145.25 before recovering back above 145.90.
US yields continued their climb.
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After midnight (US time) CNH is likely to see pressure again:
This article was written by Eamonn Sheridan at www.forexlive.com.
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