Forexlive Asia-Pacific FX wrap: USD jumps as China weights tariff exemptions ...Middle East

China said to weigh exempting some US goods from tariffs as costs riseJapan April Tokyo CPI ex-fresh food +3.4% vs +3.2% expectedJapan's Ishiba: Decided on a package of measures to deal with US tariffsJapanese finance minister Kato met with Scott Bessent todayUeda: Uncertainty regarding global economy rising, must scrutinize impact on businessUK April GfK consumer confidence -23 vs -22 expectedMalaysia trade minister: We're open to negotiate with the US on reducing trade deficitPBOC Governor: All parties expressed concern about negative impact of trade frictionsChina fin min: Current world economic growth momentum is insufficientSouth Korea industry min: Reached common ground on shipbuilding co-operation with USFed's Kashkari: I'm worried about layoffs but not seeing them yet

WTI crude oil up 30-cents to $63.09US 10-year yields up 1 bps to 4.31%S&P 500 futures up 0.5%Gold down $21 to $3327USD leads, JPY lags

It's a holiday in Australia and New Zealand today so trading in those two currencies was dampened but it wasn't elsewhere.

The list in the report for exemptions is very short and you could argue that exemptions lay the groundwork for keeping broader tariffs on for longer, but that's not the way the market is taking it at all.

The market is continuing to come to the conclusion that the tariffs are such an own-goal that they will inevitably be removed. I think back to this post from Trump late on Sunday.

In any case, the US dollar gains are extending at the moment and the

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

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