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10-year Treasury yields continue to surge higher as the basis trade implodes
10-year Treasury yields continue to surge higher as the basis trade implodes
It's all about funding and credit stress in the next few days
Trump tariffs officially go into effect
Trump tariffs officially go into effect
It is midnight in the US and China is the one slapped the hardest with 104% tariffs
market overview
GBP/USD appreciates to near 1.2850 due to easing trade tensions after Trump's comments
GBP/USD appreciates to near 1.2850 due to easing trade tensions after Trump's comments
The GBP/USD pair advances for a second straight session, trading near 1.2820 during Asian hours on Wednesday.
TradeWar
UnitedKingdom
Majors
Macroeconomics
GBPUSD
ForexLive APac FX news wrap: Trump 104% China tariff looms; AUD & NZD hit multi-year lows
ForexLive APac FX news wrap: Trump 104% China tariff looms; AUD & NZD hit multi-year lows
Forex news for Asian trading on Wednesday, April 9, 2025
Session wrap
Wrap Asia
Silver Price Forecast: XAG/USD holds above $29.50 amid tariff uncertainty
Silver Price Forecast: XAG/USD holds above $29.50 amid tariff uncertainty
The Silver price (XAG/USD) recovers some lost ground to around $29.85 during the Asian trading hours on Wednesday. Analysts believe the recent correction could be a setup for a strong rebound amid rising trade tensions and recession fears.
Silver
Commodities
Macroeconomics
XAGUSD
Japanese Yen stands firm near YTD peak against USD amid US tariffs-inspired global meltdown
Japanese Yen stands firm near YTD peak against USD amid US tariffs-inspired global meltdown
The Japanese Yen (JPY) sticks to strong intraday gains heading into the European session on Thursday and currently trades near the year-to-date peak against its American counterpart.
TradeWar
BOJ
SEO
USDJPY
RiskAversion
Risk sentiment to stay weak in near term; yen may strengthen further
Risk sentiment to stay weak in near term; yen may strengthen further
Meaningful progress on unwinding tariffs is unlikely in the short term
NZD/USD rises to near 0.5550 following RBNZ interest rate decision
NZD/USD rises to near 0.5550 following RBNZ interest rate decision
The NZD/USD pair edges higher after the Reserve Bank of New Zealand (RBNZ) cut interest rates by 25 basis points (bps), in line with market expectations.
NZDUSD
RBNZ
Macroeconomics
Majors
NewZealand
AUD/NZD sticks to intraday gains around 1.0800 after RBNZ’s expected 25 bps rate cut
AUD/NZD sticks to intraday gains around 1.0800 after RBNZ’s expected 25 bps rate cut
The AUD/NZD cross regains positive traction during the Asian session on Wednesday, though it struggles to capitalize on the move and remains confined in the previous day's broader range.
AUDNZD
RBNZ
TradeWar
Currencies
RiskAversion
USD/INR gains traction as RBI cuts Repo Rate by 25 bps to 6.00%
USD/INR gains traction as RBI cuts Repo Rate by 25 bps to 6.00%
The Indian Rupee (INR) extends the decline on Wednesday after reaching the largest single-day loss in nearly three months in the previous session.
EmergingMarkets
SEO
USDINR
India
Macroeconomics
Australian Dollar experiences volatility ahead of China's high-level meeting
Australian Dollar experiences volatility ahead of China's high-level meeting
The Australian Dollar (AUD) halted its three-day losing streak against the US Dollar (USD) on Wednesday, supported by comments from US President Donald Trump suggesting a willingness to negotiate with trade partners. Trump’s remarks boosted optimism for a potential easing of global trade tensions.
TradeWar
SEO
Majors
AUDUSD
Macroeconomics
Counting down, less than 3 hours to go: US Imports from China face 104% tariff at midnight
Counting down, less than 3 hours to go: US Imports from China face 104% tariff at midnight
Trump thinks the politics of this are in his favour
CNY
China Stock Market
China
CNH
PBOC sets USD/ CNY reference rate for today at 7.2066 (vs. estimate at 7.3348)
PBOC sets USD/ CNY reference rate for today at 7.2066 (vs. estimate at 7.3348)
PBOC CNY reference rate setting for the trading session ahead.
CNY
China Stock Market
China
CNH
pboc
PBOC sets USD/CNY reference rate at 7.2066 vs. 7.2038 previous
PBOC sets USD/CNY reference rate at 7.2066 vs. 7.2038 previous
On Wednesday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.2066 as compared to the previous day's fix of 7.2038 and 7.3348 Reuters estimate.
Currencies
CentralBanks
USDCNY
PBOC
US President Donald Trump says China is manipulating Yuan to offset against tariffs
US President Donald Trump says China is manipulating Yuan to offset against tariffs
US President Donald Trump said late Tuesday that China is manipulating the Chinese Yuan to offset against tariffs. 
China
TradeWar
UnitedStates
Macroeconomics
Japan's Kato says will not sell US Treasury holdings just from standpoint of US-Japan relations
Japan's Kato says will not sell US Treasury holdings just from standpoint of US-Japan relations
Japan’s Finance Minister Shunichi Kato said early Wednesday that there is no preset standard on what is the appropriate size of Japan’s foreign reserves, adding that Japan will not sell US Treasury holdings just from the standpoint of US-Japan relations.
UnitedStates
Japan
Macroeconomics
AUD/USD and NZD/USD soft, US equity index futures also very heavy
AUD/USD and NZD/USD soft, US equity index futures also very heavy
Risk is under a lot of pressure here in Asia as US yields continue to tick higher and higher
Bonds
AUD
NZD
BoJ’s Ueda: Uncertainties have increased domestically and internationally
BoJ’s Ueda: Uncertainties have increased domestically and internationally
Bank of Japan Governor Kazuo Ueda said early Wednesday that the uncertainty surrounding both domestic and overseas economies is increasing due to US tariffs. Ueda further stated that the Japanese central bank will closely monitor developments.
BOJ
CentralBanks
Macroeconomics
WTI slumps below $57.25 as escalating US-China trade tensions spark demand fears
WTI slumps below $57.25 as escalating US-China trade tensions spark demand fears
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $57.25 during the early Asian session on Wednesday. The WTI price extends the decline near a four-year low due to US President Donald Trump’s trade war rhetoric, growing recession fears in the US and weak global demand.
Oil
WTI
Commodities
Macroeconomics
EUR/USD fights off bearish flows, but tariffs and cautionary Fed remain
EUR/USD fights off bearish flows, but tariffs and cautionary Fed remain
EUR/USD caught a mild bullish recovery on Tuesday, snapping a two-day losing streak and chalking in some last-minute gains before the Trump administration’s widespread “reciprocal” tariffs come into effect on April 9.
EURUSD
TradeWar
Fed
Foreign aid. Trump can be pig-headed stubborn, is there a sign he'll soon bend on tariffs?
Foreign aid. Trump can be pig-headed stubborn, is there a sign he'll soon bend on tariffs?
I've been pessimistic on tariffs since the start, is it time to get a little optimistic?
Bonds
SPX
USD
USD/CAD weakens to near 1.4250, FOMC Minutes in focus
USD/CAD weakens to near 1.4250, FOMC Minutes in focus
The USD/CAD pair edges lower to around 1.4255 during the late American session on Tuesday. The Canadian Dollar (CAD) strengthens against the Greenback as investors weigh the prospect of negotiations globally over US trade tariffs. The FOMC Minutes will be in the spotlight later on Wednesday.
TradeWar
USDCAD
Majors
Macroeconomics
GBP/USD catches much-needed bounce from key moving average as tariffs loom
GBP/USD catches much-needed bounce from key moving average as tariffs loom
GBP/USD snapped a harsh two-day losing streak on Tuesday, finding a technical bounce from the 200-day Exponential Moving Average (EMA) just north of the 1.2700 handle.
TradeWar
Fed
Inflation
GBPUSD
Fitch downgrades six Chinese banks
Fitch downgrades six Chinese banks
Fitch downgrades six Chinese banks to A, Outlook stable
CNY
China Stock Market
China
CNH
Stock Market Forecast: Impact of Tariffs and Future Trends
Stock Market Forecast: Impact of Tariffs and Future Trends
“Things are rarely as bad — or as good — as most people think.”
Politics
Stocks
BMO: Tariff escalation means too early to call a 'risk' bottom
BMO: Tariff escalation means too early to call a 'risk' bottom
BMO says if tariffs remain in place stagflation is likely, even recession
SPX
USD
Fitch Ratings warns US tariffs may temporarily trim deficit but deliver dire consequences
Fitch Ratings warns US tariffs may temporarily trim deficit but deliver dire consequences
Tariffs will not be enough to put the U.S. on a sustainable fiscal path.
Bonds
SPX
USD
AUD/JPY Price Analysis: Aussie drops sharply toward 87.00 as bearish pressure intensifies
AUD/JPY Price Analysis: Aussie drops sharply toward 87.00 as bearish pressure intensifies
The AUD/JPY pair extended its losses on Tuesday, trading near the 87.00 area ahead of the Asian session. The cross has dropped significantly on the day, falling near the bottom of its daily range, reflecting persistent downside pressure.
Crosses
Technical Analysis
Currencies
AUDJPY
RBNZ lowers interest rate by 25 bps to 3.5% as expected
RBNZ lowers interest rate by 25 bps to 3.5% as expected
The Reserve Bank of New Zealand (RBNZ) announced on Wednesday that it cut the Official Cash Rate (OCR) by 25 basis points (bps) from 3.75% to 3.5% after concluding the April monetary policy meeting.
RBNZ
SEO
CentralBanks
NZDUSD
Forexlive Americas FX news wrap: Hope for a tariff deal dwindles, yuan hits record low
Forexlive Americas FX news wrap: Hope for a tariff deal dwindles, yuan hits record low
Forex news for North American trading on Apr 8, 2025
Session wrap
Wrap Nth America
NZD/USD Price Analysis: Kiwi edges higher but bears keep control below key moving averages
NZD/USD Price Analysis: Kiwi edges higher but bears keep control below key moving averages
The NZD/USD pair registered neutral movements during Tuesday’s session, with the pair seen moving around the 0.5530 region but cleared gains which took it to highs above 0.5600.
Technical Analysis
Currencies
Majors
NZDUSD
Australian Dollar finds tentative footing near 0.6000 amid tariff turmoil, mixed signals on Tuesday
Australian Dollar finds tentative footing near 0.6000 amid tariff turmoil, mixed signals on Tuesday
The Australian Dollar staged a fragile bounce during Tuesday’s American session, holding near the 0.6000 zone after rebounding from session lows. This recovery came as the US Dollar’s earlier strength faded, helping risk currencies like the Aussie stabilize within their recent five-year low range.
Currencies
AUDUSD
Oil - private survey of inventory shows a headline crude oil draw
Oil - private survey of inventory shows a headline crude oil draw
This is from the privately surveyed oil stock data ahead of official government data tomorrow morning out of the US.