Forexlive Americas FX news wrap: Trump drops reciprocal tariffs, huge market moves follow ...Middle East

Trump pauses reciprocal tariffs for 90 days on all but ChinaTrump: China wants to make a deal, they just don't know how to go about itThe White House says the 10% baseline tariff rate applies to Canada and MexicoThe White House isn't sure what tariff rates are on Canada and Mexico nowFOMC minutes reveal growing inflation concerns and cautious stanceUS treasury auctions off $39 million of 10 year notes at a high yield of 4.435%Fed's Musalem sees growth this year materially below 2% trendFed's Barkin: Tariff price hikes could begin by JuneMore from Fed's Barkin. Watching consumers most closely as are biggest part of economyAlphabet CEO Pichai: We plan to invest around $75 billion in total In 2025Atlanta Fed GDPNow growth estimate for Q2 -2.4% versus -2.8%. Gold adjusted -0.3%South African rand falls to all-time lowEIA weekly crude oil inventories +2553K vs +1421K expectedUS February wholesale sales +2.4% vs -1.3% priorTrump says to "be cool" as everything is going to work out wellGerman coalition outlines policy agreementsFed's Kashkari: The bar is higher for cutting rates due to tariffsBessent: Tariff levels are a ceiling if other countries don't retaliateJamie Dimon: Stickly inflation will not go away quicklyFed's Daly: We have time and space to deliberate next moves

S&P 500 up 9%, Nasdaq up 11.5% - SPX gain is the most since 2008Gold up $114 to $3098 -- largest one-day gain in five yearsWTI crude oil up $3.22 to $62.80US 10-year yields up 10 bps to 4.35%AUD leads, CHF lags

What a day.

With that, stock futures were beaten up again and there were real fears of a crash.

Trump himself hinted at an easing earlier in the day saying to 'be cool' and that stock markets would rise. He made the announcement about the tariffs on Truth Social and that set off a huge reversal in markets and enormous stock market gains. USD/JPY rose 300 pips in a near-straight line and AUD/USD rose 150 pips.

All that said, this is just one chapter and 10% tariffs on the world and 125% on China is certainly worse than what was expected a few weeks ago. Big questions remain on whether the 10% level is now the floor and on how the US intends to complete negotiations with +70 countries within 90 days. There are plenty of indications that they're making it all up as they go along; and that we're all along for the ride.

For now though, the bulls get to score a major victory.

This article was written by Adam Button at www.forexlive.com.

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