China March dollar-denominated exports +12.4% y/yChina Customs says detected salmonella in imported American poultry meats and bone mealGoldman Sachs has raised its year-end gold price target to US$3,700 per ounceBank of Japan Governor Ueda says US tariffs likely to weigh on global & Japanese economiesXi Jinping calls for deeper China-Vietnam cooperation in industrial and supply chainsGoldman Sachs cut their targets for Chinese stock indexes for a second time this monthTrump says he'll announce the tariff rate for semiconductors over the next weekUSD/JPY back under 142.50 with Kato comments citedPBOC sets USD/ CNY reference rate for today at 7.2110 (vs. estimate at 7.3251)Japan finance minister Kato says excess forex volatility is undesirab;eMore forecasts for People's Bank of China rate cuts flowing out of ChinaGoldman Sachs lowers oil price forecasts on supply surplus outlookJapan Prime Minister Ishiba says cannot make continuous compromises in US talksMonetary Authority of Singapore eases monetary policy slightly, as expectedChina to step up stimulus, PBOC eyes rate and RRR cuts in Q2Iran, U.S. talks expected to continue Saturday in RomeUK house data - asking prices rise in AprilICYMI - China imposes informal curbs on stock sales to support marketsNew Zealand retail sales indicator, March: -1.6% y/y (prior -4.2) & -0.8% m/m (prior +0.3)New Zealand data - March services PMI 49.1 (prior 49.0)Ray Dalio: Trump’s trade war has US on brink of recessionUS equity indexes open higher on Globex to begin the week's tradeUS equity index trades begins soon - Globex - FX showing the wayWeekend - Germany's Merz said Trump's tariff policies increase risk of a financial crisisFed's Kashkari reiterated the focus on keeping inflation under controlTrade ideas thread - Monday, 14 April, insightful charts, technical analysis, ideasICYMI - China halts rare earth exports after new controls, raising global supply concernsU.S. Trade Representative Greer also bumbling through explaining tariffs on electronicsTrump says 20% tariff on computers, and smartphones (so, not 145%)Monday morning open levels - indicative forex prices - 14 April 2025Lutnick: Electronics products will have special tariffs coming in a month or soSmartphones, computers and chips will still face 20% tariffsTrump exempts phones, computers, chips from new tariffsDeutsche Bank ECB preview: "The arguments now clearly favour a cut."
Upon the reopening of Globex for the week, U.S. equity index futures rose.
In FX, USD/JPY slipped from around 143.75 following comments out of Japan that Finance Minister Kato and U.S. Treasury Secretary Bessent would discuss FX volatility, with both agreeing that excessive moves are undesirable.
There were several reports flagging likely PBoC easing ahead, including possible interest rate and RRR cuts this quarter.China’s March trade data showed a sharp jump in exports, likely a result of front-loading ahead of tariff hikes.In Chinese equity markets, National Team support was reported, along with further restrictions on stock selling. As of writing, the Shanghai Composite is up 1%.
Singapore’s MAS eased policy for a second straight meeting, citing a deteriorating global outlook. The central bank said it would continue allowing a modest, gradual appreciation of the S$NEER band, but reduce the pace of appreciation. The width and centre of the band remain unchanged.
The U.S. dollar index (DXY) fell to its lowest level in three years.
Gold surged to a record above US$3,243.
Finally, in geopolitics, future German Chancellor Friedrich Merz said he would be willing to send Taurus cruise missiles to Ukraine, adding that they could be used to strike high-value Russian targets — explicitly mentioning the Crimean Bridge.
USD/JPY:
This article was written by Eamonn Sheridan at www.forexlive.com.
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