ForexLive Asia-Pacific FX news wrap: Trump says he’ll announce “major” trade deal Thursday ...Middle East

Trump said he will announce a “major” trade deal on Thursday:

WSJ - Trump is expected to announce a framework of a trade deal with the U.K.New York Times says Trump will announce a trade deal with the UKTrump spruiks a major trade deal announcement Thursday morning in Washington

Other

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It was a relatively quiet headline day today with just a couple of nuggets.

The Bank of Japan published the minutes of its March meeting. The Bank left monetary policy unchanged at this meeting. There was debate around the policy board table, summarised as:

U.S. tariff policies are seen as a key downside risk to Japan’s economy. Some BOJ members thus urge caution in tightening policy further.Others believe decisive action may be necessary regardless of global risks.

Its unsurprising that there was some debate, with inflation in the country having risen and real rates remaining very accommodative (negative!), but the cautious view prevailed, as it did again at the subsequent meeting on April 30/May1 when policy was left once again on hold.

USD/JPY didn’t do too much upon the release of the minutes, holding near 143.80 and thereabouts before drifting lower on the Trump announcement later.

Trump posted to his own social media app that he will announce a “major” trade deal on Thursday at 10am US Eastern time. US media (New York Times) reports that the trade deal will be with the United Kingdom.

US equity index futures traded higher on Globex on the back of the post from Trump. Across major FX the USD lost some ground alongside.

The Wall Street Journal took a more constrained view, reporting that

“This announcement is likely just an agreement to start the negotiations, identifying a framework of issues to be discussed in the coming months”.

Markets are responding to Trump more than the WSJ as I update, with US equity index futures extending their gains.

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

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