It was a much quieter session here in Asia than the previous day.
There was the odd piece of data but the only real news of note were comments from Trump indicating:
we don't want cars from Canada, want to make them in the US
working on a deal with Canada
US dollar is a bit on the low side
not considering changes to auto parts, auto tariffs (contradicting this from earlier: The FT is reporting that Trump will exempt carmakers from some US tariffs )
A little prior to Trump’s remarks was a White House statement saying that that the European Union fine on Meta and Apple is a novel form of economic extortion and will not be tolerated. This was in reference to Apple being fined US$570 million and Meta US$228 million by European Union antitrust regulators.
Later in the session a Fox reporter (link above in the points) cited unnamed sources as saying Trump is seeking a ‘face-saving off ramp’ on tariffs. This didn’t really gel with what Trump said earlier, but Trump’s comments sometimes lack veracity, so who knows?
Federal Reserve Bank of Cleveland President Beth Hammack spoke before the Money Marketeers of New York University on balance sheet issues. Hammack later, in the following Q&A said
Uncertainty is a big issue in economy, it’s causing businesses to pauseEconomic uncertainty prompting business caution‘Incredibly high bar’ exists for Fed to step in to aid markets"This is not a good time to be pre-emptive" with monetary policy, rather that "this is a good time to watch" and gather data to determine what the right course of action will beOne of Australia’s ‘big 4’ banks said “lock it in” for a May 20 Reserve Bank of Australia 25bp rate cut. This generated as near to zero interest for AUD as is possible. Which may be due to the national public holiday in Australia due tomorrow (Friday, April 25, 2025) that’ll shutter markets for another long weekend.
As for FX more broadly, the yen caught a small bid, USD/JPY traded won from highs around 143.50 in late US time to lows under 142.65.
EUR/USD and GBP/USD ticked a little higher. USD/CHF, USD/CAD, AUD/USD, and NZD/USD are not a lot changed.
Gold rocketed higher, to above 3360 USD at one stage. Its since retraced to below $3325.
Finally, I’m just going to add in an item from a US freight/logistics twitter account (@FreightAlley)that is garnering attention. Trucking volumes out of LA (a major port city) have collapsed, in a worrying sign for the supply of products and the US economy more broadly:
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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