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USD/JPY: Short squeeze soon? – OCBC
USD/JPY dipped this morning. Safe-haven demand was the main catalyst while UST-JGB yield differentials also narrowed. Pair was last at 144.74 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note, OCBC's FX analysts Frances Cheung and Christopher Wong note.
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Banks
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USD/CAD tumbles below 1.4200 as US Dollar dives amid US recession fears
The USD/CAD pair falls sharply to near 1.4180 during European trading hours on Wednesday. The Loonie pair faces an intense sell-off as the US Dollar (USD) takes bullet for United States (US) President Donald Trump raising import duty on China to 104%.
Canada
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China premier Li: We are prepared to deal with uncertainties
Remarks by China premier, Li Qiang, via state media
CNY
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Oil continues to crater in the wake of a US-China trade war
WTI crude dips to $56, its lowest since February 2021
Oil
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US Dollar drops while President Trump says markets to be cool
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, extends the previous day’s correction and hovers around 102.00 at the time of writing on Wednesday.
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SEO
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Brent falls below key 2024 support – Societe Generale
Brent crude has extended its decline after breaching key support levels from earlier in 2024. While momentum indicators suggest the move is stretched, signs of a significant rebound remain elusive, Societe Generale's FX analysts report.
Oil
Brent
Banks
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Euro shows unexpected safe haven strength – Rabobank
Following President Trump's tariff announcement, the euro has shown surprising resilience, acting more like a safe haven currency alongside the Swiss franc and Japanese yen.
Technical Analysis
EURUSD
Banks
Fundamental Analysis
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Breaking: China announces additional 84% tariffs on US goods from April 10
China's Finance Ministry said on Wednesday that they will impose additional 84% tariffs on US imports from April 10, per Reuters, up from the 34% previously announced.
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China announces additional 84% tariffs on US goods
The additional tariffs are to go into effect on 10 April
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US MBA mortgage applications w.e. 4 April +20.0% vs -1.6% prior
Latest data from the Mortgage Bankers Association for the week ending 4 April 2025
USD
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China complains to the WTO on "reckless" US tariffs
Not like this is going to do anything
market overview
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Silver Price Forecast: XAG/USD rallies above $30 as US Dollar tumbles on US-China tariff war
Silver price (XAG/USD) surges almost 2% to near $30.40 during European trading hours on Wednesday. The white metal strengthens as the US Dollar (USD) tumbles amid fears that the escalating trade war between Washington and Beijing could lead the United States (US) economy into a recession.
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ECB's Escriva: Worst case scenarios are materialising - FT
Bank of Spain Governor, Jose Luis Escriva in an interview with the Financial Times
EUR
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Stocks dip back lower ahead of US trading
It felt like the buying earlier had a lot of copium in it
Stocks
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MXN: Inflation figures are unlikely to provide new information – Commerzbank
This afternoon the Mexican statistics office will release the March inflation figures. However, they are unlikely to tell us much new, Commerzbank's FX analyst Michael Pfister notes.
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USDMXN
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USD/CNH: Any advance is likely part of a higher range of 7.3600/7.4420 – UOB Group
Further US Dollar (USD) strength is not ruled out vs Chinese Yuan (CNH), but any advance is likely part of a higher range of 7.3600/7.4420.
Technical Analysis
USDCNH
Banks
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EUR/USD rallies as China retaliates with higher counter-tariffs on US
EUR/USD advances to near 1.1100 in Wednesday’s North American session. The major currency pair strengthens as the US Dollar (USD) plummets on the brewing trade war between the United States (US) and China.
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How fast is too fast for the SNB? – Commerzbank
The Swiss franc has emerged as a clear winner amidst the recent market turbulence following Donald Trump's tariff announcement, appreciating significantly against major currencies.
Banks
Technical Analysis
EURCHF
SNB
Switzerland
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USD/JPY: Oversold weakness has not stabilized – UOB Group
UD Dollar (USD) has gathered downward momentum vs Japanese Yen (JPY), but it might not be able to break below 145.00.
Technical Analysis
USDJPY
Banks
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Germany's Merz agrees coalition deal with centre-left SPD - RTRS
The coalition treaty for Germany's new government is agreed and will be presented at 3pm
EUR
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USDCHF is now back at the cycle lows after an incredible selloff
The USDCHF pair saw one of the most aggressive selloffs in FX following the tariffs announcement last Wednesday as traders flocked to the Swiss Franc amid the risk-off flows
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RBNZ cuts rates as expected – Commerzbank
As expected, the Reserve Bank of New Zealand cut its key interest rate by 25 basis points to 3.5% this morning. After the RBNZ had recently cut interest rates in large steps of 50 basis points each, the pace has been slowed down, as expected.
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NewZealand
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JP Morgan cuts UK GDP growth forecast to 0.6% vs 1.1% previously
The firm also expects the BOE to deliver an additional rate cut in September, taking the bank rate to 3.50%
GBP
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CNY: 7.35 and on it goes – Commerzbank
So far, the Chinese currency has not responded to the US tariffs with a major devaluation. But many small devaluations can add up to a big effect. USD/CNY rose as high as 7.35 this morning, the weakest level for the CNY since 2007.
China
USDCNY
PBOC
USDCNH
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Swiss government sets up steering body specifically to manage relations with US
I think all governments can benefit from taking this step at this point
Politics
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BoE: Major shift in global trading arrangements could harm financial stability by depressing growth
"A major shift in global trading arrangements could harm financial stability by depressing growth," the Bank of England's Financial Policy Committee said in a statement following its two-day meeting.
CentralBanks
BOE
GBPUSD
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BoE: Hedge fund actions don't amplify market volatility
Key lines from the BoE's Financial Policy Committee Record, April 2025
GBP
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Silver price today: Silver rises, according to FXStreet data
Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data.
Silver
Commodities
Metals
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Gold price rolls to nearly 3% as China retaliates and Bessent issues warnings
Gold price (XAU/USD) bounces higher and recovers to $3,045 at the time of writing on Wednesday after United States (US) President Donald Trump’s tariffs came into effect.
TradeWar
UnitedStates
SEO
Gold
Commodities
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ECB's Rehn: Downside risks have materialised since March rate meeting
European Central Bank (ECB) policymaker Olli Rehn said on Wednesday that the case for continuing rate cuts at the April meeting is supported by downside risks materializing, per Reuters.
ECB
CentralBanks
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ECB’s Villeroy: Trump administration actions offer opportunity to boost Euro's international role
European Central Bank (ECB) policymaker and Bank of France head Francois Villeroy de Galhau said on Wednesday that they estimate the trade conflict to reduce Eurozone growth by 0.25 percentage points this year, per Reuters.
ECB
EURUSD
CentralBanks
Macroeconomics
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NZD/USD rises above 0.5550 on rising hope of de-escalation in global trade tensions
The NZD/USD pair is stabilizing near 0.5560 during Wednesday’s European session after three consecutive days of losses.
TradeWar
Majors
NewZealand
NZDUSD
Macroeconomics
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NZD/USD: Downward momentum is building – UOB Group
Downward momentum is building; New Zealand Dollar (NZD) is likely to decline vs US Dollar (USD), but it is unclear whether it can break the major support at 0.5450.
Technical Analysis
Banks
NZDUSD
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Eurozone growth to take a bigger hit from Trump’s tariffs than the ECB earlier estimated – Reuters
Citing sources with direct knowledge of the European Central Bank (ECB) thinking, Reuters reported on Wednesday that the “Eurozone growth is expected to take a bigger hit from US President Donald Trump’s tariffs than the ECB earlier estimated.”
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Rate cuts expectations continue to be tied to the stock market performance
Traders increased rate cuts bets once again following yesterday's stock market selloff
market overview
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RBNZ cuts rates, signals more easing ahead – ING
The Reserve Bank of New Zealand delivered a widely expected rate cut and opened the door to further easing as trade tensions weigh on the outlook.
RBA
RBNZ
Banks
AUDUSD
NZDUSD
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US tariffs to hit Eurozone growth more than what the ECB has estimated - sources
Reuters reports, citing sources familiar with the matter
EUR
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EUR/GBP climbs toward 0.8600 amid growing hopes of easing trade tensions
EUR/GBP continues its upward momentum for a fifth consecutive session, trading near 0.8600 during Wednesday’s European hours.
Eurozone
UnitedKingdom
EURGBP
Macroeconomics
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AUD/USD: Downward momentum has increase slightly – UOB Group
Downward momentum has increase slightly; Australian Dollar (AUD) is likely to edge lower but is unlikely to reach 0.5870 vs US Dollar (USD).
Technical Analysis
Banks
AUDUSD
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Japan’s Top FX Diplomat Mimura: Closely watching market moves with high sense of urgency
Following the meeting between the Bank of Japan (BoJ), Japanese Financial Services Agency (FSA) and Ministry of Finance (MoF) on Wednesday, Atsushi Mimura, Japan’s Vice Finance Minister For International Affairs and top foreign exchange official, said on Wednesday, they are “closely watching market
Currencies
Japan
USDJPY
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