It was a volatile day for Asian currencies, with some losses against the USD. The Taiwan dollar retraced a little after its epic surge higher on Friday and Monday. Comments from Central Bank Governor Yang Chin-Long sought to calm markets and have had some success.
Hong Kong’s central bank, the Hong Kong Monetary Authority intervened to sell HKD at the top end of its band.
USD/JPY rose from early lows under 143.60 to above 144.25 before given almost all back. Its circa 143.80 as I update.
The pattern of movement was similar across much of major FX. EUR, GBP, AUD, NZD, CAD all lost ground in early Asia trade against the US dollar but have retraced those losses.
There were a few items of interest for US equities:
Trump says he'll announce pharmaceutical tariffs over the next two weeksa U.S. lawmaker will be introducing legislation in coming weeks to verify the location of artificial-intelligence chips like those made by Nvidia (NVDA) after they are sold, aiming to address reports of widespread smuggling of chips into China in violation of U.S. export control lawsThe U.S. Justice Department has asked a judge to require Google to sell two of its businesses that help websites buy, sell and serve online advertising after a judge found the company illegally monopolized those marketsUS stock futures fell, S&P 500 e-minis down 0.3%, Nasdaq futures down 0.56% as I update.
On the data front:
China Caixin Services PMI for April 2025 remained in expansion at 50.7, but at its slowest since September 2024.
Chinese markets reopened after holidays on Thursday, Friday and Monday. The People’s Bank of China set the reference rate at it strongest (for CNY) since April 7.
Australian building permits and household spending, both for March, were weak. Household Spending was its slowest in 6 months.
As a heads up, Trump and Canadian Prime Minister Carney to meet at 11.45 am US Eastern time Tuesday. US Commerce Secretary Lutnick said that while a trade deal with Canada is possible, its really complex. Keep your expectations low seems to be the (not very quiet) subtext of this.
Brent oil rose a little after its four year low yesterday.
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USD/TWD
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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