Federal Reserve speakers on Wednesday include Goolsbee, Waller, Hammack and MusalemShanghai Gold exchange has increased the trade margin for some gold futures contractsLearn Invesgting: Liquidity RatiosJapan economy minister Akazawa could visit U.S. for tariff talks as early as April 30ECB's Lane, Knot, and Cipollone speaking on Wednesday, April 23, 2025BMW will integrate DeepSeek’s AI into its new vehicles sold in China from late 2025.Learn to Invest: Stock ValuationUSD retracing its earlier Trump comments gains, equity indexes not so muchLearn Investing: Profitability RatiosBank of England speakers Wednesday include governor Bailey, Pill, BreedenLearn Investing: Link the 3 Important Financial StatementsPBOC sets USD/ CNY mid-point today at 7.2116 (vs. estimate at 7.3466)Intel is set to announce plans to cut more than 20% of its staffECB's Villeroy warns that Trump's trade policies will weaken financial stability & growthJapan flash April manufacturing PMI 48.5 (prior 48.4)JP Morgan forecast gold prices above US$4K by Q2 2026Trump and Xi to meet in early MayTrump's China reversal - now we await China's response (if any)Australian S&P Global Manufacturing PMI Flash reading for April 2025: 51.7 (prior 52.1)More from Fed's Kugler: Facing potential shocks, mainly from tariffs and uncertaintyTrump said had no intention of firing Fed Chair Powell (he did). Major reversal from TrumpUS to push the UK to lower its tariffs on autos, relax ag rulesICYMI: Citi says tariffs a stagflationary shock to US economy, 40-45% chance of recessionEUR, JPY, GBP down vs. USD. AUD, NZD, CAD too. Trump cave in on pet issues cited.Fed's Kugler says higher than expected tariffs likely to send prices higherTesla CEO Musk says time he spends on DOGE will drop significantly from MayTrump backing away from tariffs, backing away from firing Powell - will it last?Trump says he has no plans to Fire Federal Reserve Chair PowellTrump says he is going to be very nice to China, they have to make a dealNorth American Forexlive Americas FX news wrap 22 Apr: Sell US shifts to Buy US today.IMF Managing Director Georgieva: Biggest priority is to resolve trade tensionsOil: private survey of inventory shows a much bigger headline crude oil draw than expectedShares suspended in FX risk management firm - now in talks about emergency sale to a rivalTrade ideas thread - Wednesday, 23 April, insightful charts, technical analysis, ideasTesla earnings: Revenue of $19.335B vs $21.111B expected
More significantly, Trump also signalled a commitment to Fed independence, stating explicitly that he does not intend to fire Chair Jerome Powell. This immediately buoyed markets, easing recent fears over institutional and financial stability.
Still, caution lingers. As one market strategist noted, “a sudden rhetorical shift is not a policy pivot.” Attention now turns to Beijing, with markets watching closely for any response to Washington’s apparent softening — or its absence.
Gold also rebounded from its earlier lows, before coming under renewed pressure in the past hour on news that the Shanghai Gold Exchange has increased the trade margin for some gold futures contracts to 13% from 12%.
Tesla made headlines after reporting a 71% plunge in quarterly profits, with underlying operations swinging to a loss once EV credits and one-off items were stripped out. Analysts flagged growing reputational risks, particularly related to CEO Elon Musk’s high-profile involvement in the Trump administration. Musk said he plans to significantly scale back his time on the "DOGE" initiative in the coming month, though the implications for broader sentiment around the brand remain unclear.
This article was written by Eamonn Sheridan at www.forexlive.com.
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