Forexlive Americas FX news wrap: USD/JPY soars as yields turn higher ...Middle East

Hassett on tariffs: I'm sure there will be news by the end of the dayUS April ISM manufacturing 48.7 vs 48.0 expectedUS initial jobless claims 241K vs 224K expectedApril US S&P Global manufacturing PMI 50.2 vs 50.7 prelimCanada April S&P Global manfuacturing PMI 45.3 vs 46.3 priorAmazon revenues $155.7B vs expectations of $154.889B. EPS $1.59 versus $1.36 expected.Pres. Trump: Things moving right on schedule on tax billUS National Security Adviser Mike Waltz is being replaced - reportsMay forex seasonals: It's not time to sell the US dollar just yetApril non-farm payrolls preview by the numbers: Any signs of layoffs?US March construction spending -0.5% vs 0.2% estimateWH Eco Adviser Hassett: Hopeful for progress with China on tradeUS Treasury Secretary Bessent on the economy: We expect to see GDP revised

Gold down $54 to $3233US 10-year yields up 3.3 bps to 4.21%WTI crude oi up 80-cents to $0.80 to $59.02S&P 500 up 0.6%USD leads, JPY lags

US Treasury Secretary Scott Bessent touted lower two-year yields early in the day and -- right on cue -- they then embarked on a big reversal, rising to 3.69% from 3.55%. That turn came as the market continues to shrug off tariff fears, which was helped by an ISM manufacturing report that wasn't as bad a feared.

Other US dollar moves were much smaller as it was mostly yen selling on better risk appetite. The S&P 500 climbed for its 8th day in a row in a move that's beginning to squeeze shorts or create FOMO. Hassett helped to fuel the moves by saying that an announcement of a trade deal was coming later today, though we continue to wait.

Friday is non-farm payrolls and oftentimes that restrains volatility but the thinking of most is this: If it's strong it doesn't really matter because it was before the tariffs. If it's weak it could just be a one-off and much of the economy looked fine.

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

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