ForexLive Asia-Pacific FX news wrap: Trump tariff talk again, USD higher ...Middle East

Deutsche Bank on 4 factors that could prompt further losses for US equitiesChina and India are working towards warmer relations between the two statesBoJ Rate Hike May Move Closer: Analysis & OutlookMore on White House ordering a halt to federal loans, grantsReport that White House budget office is ordering a pause to all federal grants and loansTrump says he wants tariffs "much bigger" than 2.5%Trump is speaking with mediaRBNZ Chief Economist Paul Conway is speaking on Wednesday - on growth and interest ratesCritical Australian inflation data due tomorrow - likely to tick the RBA rate cut box?Singapore and Hong Kong Lunar New Year market closures - the dates to watchThere is no PBoC USD/CNY reference rate setting today - China is on holidayAustralian December 2024 business confidence: -2 (prior -3)More on Japan's service-sector inflation data - will keep the BoJ on rate-hike simmerUK shop prices fell in January, not as fast as they fell in DecemberTrump says DeepSeek is a positive - a 'wake up' call. Meanwhile USD strong still.Japan data - Services PPI (December) 2.9% y/y (prior 3%)USD surging again - Trump tariff threats, Bessent want tariffs tooMore from Trump - will place tariffs on computer chips, pharmaceuticalsBessent is pushing a starting 2.5% universal US tariff plan, which would rise each monthTrump speaking - Will have many bids for TikTok, Don't want China involved in TikTokDeutsche Bank European Central Bank preview - cut this week and plenty more after thatICYMI - Morgan Stanley slashes UK 2025 GDP growth forecast to 0.9% (from 1.3% previously)SNB Chair Schlegel says doesn't want negative interest rates, but "can't rule them out"Rabo stay bearish EUR/USD, expect parity in Q2 2025US equity close: Big bifurcation as chipmakers and power generation crushedTrade ideas thread - Tuesday, 28 January, insightful charts, technical analysis, ideasForexlive Americas FX news wrap: Nvidia's market cap loss is the worst in history

It was another day of tariff talk from Trump, and also from his Treasury Secretary Scott Bessant.

Bessant kicked it off with a 'moderate' proposal to set a universal tariff at 2.5% with a gradual rise of 2.5% each month. Bessent said the universal tariff could rise as high as 20%. Bessant's comments were from an unnamed source cited by the Financial Times.

The USD began to rise, and soon after Trump weighed in, promising tariffs on computer chips in the near future, on producers of pharmaceuticals, will look at steel and other industries for tariffs, and also tariffs on aluminum and copper.

The USD gained further. Major FX lost ground broadly: EUR, AUD, GBP, NZD, CAD.

There was some stabilisation and a small bounce for non-USD FX before Trump spoke again saying he wanted tariffs much higher than 2.5%, opposing Bessent.

The USD found renewed strength.

USD/JPY has been a bit of an exception, while many of the major non-USD currencies stabilised the yen lost further ground pretty much for the entire session. Lows were around 154.50 and as I update its pressing towards 155.70.

On the data agenda today we had services PPI from Japan (for December 2024) coming in slightly lower than November but still at a solid 2.9% y/y rise.

From Australia, we had a marginal improvement for business confidence but a better improvement for business conditions (December 2024 data also).

Australia will be a focus tomorrow with the official Q4 CPI result (preview in the points above).

China began its Lunar New Year holidays today (January 28 - February 4). Singapore and Hong Kong will be out Wednesday and Thursday and Wednesday, Thursday and Friday respectively.

This article was written by Eamonn Sheridan at www.forexlive.com.

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