Weekend headlines were dominated by Trump’s tariff reversal, with smartphones, computers, and other tech products reportedly exempted from the 145% tariff hike on Chinese goods — instead facing a trimmed 20% rate. Confusion soon followed, with conflicting statements from officials, and Trump himself muddying the waters on social media, insisting that “nobody is getting ‘off the hook’” and that “there was no Tariff ‘exception’ announced,” before later confirming the 20% figure. Trump added on Sunday evening (U.S. time) that he would announce the semiconductor tariff rate in the week ahead. The mix of abrupt policy shifts and muddled communication remains a feature of the current environment — unhelpful, but increasingly familiar.
Upon the reopening of Globex for the week, U.S. equity index futures rose.
Flying under the radar was significant news that China has halted exports of rare earth minerals and magnets, materials critical to sectors like autos, aerospace, and semiconductors.
In FX, USD/JPY slipped from around 143.75 following comments out of Japan that Finance Minister Kato and U.S. Treasury Secretary Bessent would discuss FX volatility, with both agreeing that excessive moves are undesirable.
China:
There were several reports flagging likely PBoC easing ahead, including possible interest rate and RRR cuts this quarter.China’s March trade data showed a sharp jump in exports, likely a result of front-loading ahead of tariff hikes.In Chinese equity markets, National Team support was reported, along with further restrictions on stock selling. As of writing, the Shanghai Composite is up 1%.Singapore’s MAS eased policy for a second straight meeting, citing a deteriorating global outlook. The central bank said it would continue allowing a modest, gradual appreciation of the S$NEER band, but reduce the pace of appreciation. The width and centre of the band remain unchanged.
EUR/USD gapped a little lower early on Monday but rose to a high above 1.14. As of posting its back around 1.1365.
The U.S. dollar index (DXY) fell to its lowest level in three years.
In commodities:
Gold surged to a record above US$3,243.
Oil markets were supported by reports that U.S.–Iran talks progressed over the weekend, with direct (perhaps) talks expected to resume Saturday.
Finally, in geopolitics, future German Chancellor Friedrich Merz said he would be willing to send Taurus cruise missiles to Ukraine, adding that they could be used to strike high-value Russian targets — explicitly mentioning the Crimean Bridge.
USD/JPY:
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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