ForexLive Asia-Pacific FX news wrap: USD/JPY dropped under 149.00 ...Middle East

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ForexLive Asia-Pacific FX news wrap: USD/JPY dropped under 149.00
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The deadline for Trump’s 25% tariffs on neighbours Mexico and Canada is barely an hour away, with no indication of any postponement this time. They are due to impact from 12.01 am US Eastern time on Tuesday, March 4, 2025.

Markets in Asia spent the day digesting the Monday news of Trump confirming that tariffs are on the way, and also that he was bumping up tariffs on imports from China to 20%.

    China’s Commerce Ministry said it would be taking retaliation steps against Trump’s fresh imposition of higher US import tariffs.Canada’s Prime Minister issued a statement outlining Canada’s reciprocal tariffs against Trumps’ tariffs.

    Also in Trump’s Monday remarks were threats against China and Japan over currency devaluation/depreciation. The yen appreciated in Monday US trade on the comments, and that move followed through today here in the timezone. Both Japan finance minister Kato and PM Ishiba disputed Trump’s accusations. Over many years Japan has denied its ultra-loose monetary policy is aimed at weakening the currency, and that its instead aimed at combatting deflation and low inflation. The weak yen is just a side-effect. None of Japan’s G7 partners have publicly disputed Japan’s account. USD/JPY dropped to lows just under 148.70 before bouncing back above 149.00.

    Major FX otherwise traded in small ranges only.

    From Australia we had minutes of the Reserve Bank of Australia’s February meeting, where the Bank cut its cash rate for the first time since November 2020. A key takeaway, for me, from the minutes was the unsurprising talk that the Bank would be taking a slow and cautious approach to rate cuts ahead, citing still present risks of inflation. FWIW I think the global economy, and the RBA in turn, will be swamped soon enough by the negative impacts of Trump’s imminent trade war and rate cuts may come ahead of the RBA’s current reckoning. By the way, Reserve Bank of Australia Deputy Governor Hauser is speaking again tomorrow, Wednesday, March 5, 2025 at 8.45 am Sydney time (2145 GMT / 1645 US Eastern time). We’ll likely get more from him to hint at the outlook.

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

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