Japan negotiators reportedly firmly opposed to US tariffs proposalUS reluctant to exempt Japan from 10% reciprocal tariff - KyodoJapan PM Ishiba: US auto tariffs are 'absolutely unacceptable'Japan's Kato: We'll continue to ask US to reconsider tariffsWhat is the distribution of forecasts for the US NFP?Eurozone April preliminary CPI +2.2% vs +2.1% y/y expectedEurozone April final manufacturing PMI 49.0 vs 48.7 prelim
Markets:
AUD leads, USD lags on the dayEuropean equities higher; S&P 500 futures up 0.5%US 10-year yields down 1.2 bps to 4.219%Gold up 0.7% to $3,261.73WTI crude down 0.5% to $58.95Bitcoin up 0.5% to $97,012Japan is the one stealing the headlines in European trading today, with reports and some pushback against what the US is proposing during tariff discussions. It is being reported that the US is reluctant to drop the reciprocal 10% tariffs, alongside auto, steel, and aluminum tariffs as well.
For now, Japan is hitting back at that and saying that they are firmly opposing the US' proposal. Finance minister Kato even went as far as saying that they could even look at the country's Treasury holdings as "a card" in negotiations, but "whether or not we use that card is a different decision".
The stalemate serves as a warning for other countries as well, with the clock continuing to count down. Tick tock, tick tock.
In FX, the dollar is once again offered amid the less than ideal trade headlines. EUR/USD pushed up above 1.1300 to 1.1340 while USD/JPY is down 0.6% to 144.50 currently, after hanging around 145.20 in the handover from Asia.
Besides that, USD/CHF is also marked down by 0.6% to 0.8238 while AUD/USD is seen up 0.8% to 0.6434 on the day.
It's on to the US jobs report next before eyeing more trade/Trump headlines before the weekend.
This article was written by Justin Low at www.forexlive.com. Read More Details
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