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Forex Today: US Dollar under pressure on trade war escalation, eyes on FOMC Minutes
Forex Today: US Dollar under pressure on trade war escalation, eyes on FOMC Minutes
Here is what you need to know on Wednesday, April 9:
Currencies
Majors
EconomicIndicator
Commodities
Macroeconomics
WTI drops to near $57.70 as fears of weakening global demand intensify
WTI drops to near $57.70 as fears of weakening global demand intensify
West Texas Intermediate (WTI) Oil continues to decline for the second consecutive day, trading near $57.70 during early European hours on Wednesday.
Oil
WTI
Commodities
Macroeconomics
PBOC reportedly calls for major state-owned banks to reduce dollar purchases
PBOC reportedly calls for major state-owned banks to reduce dollar purchases
Reuters reports, citing people with direct knowledge of the matter
Crude oil price today: WTI price bearish at European opening
Crude oil price today: WTI price bearish at European opening
West Texas Intermediate (WTI) Oil price falls on Wednesday, early in the European session.
Oil
WTI
Commodities
EUR/INR today: Indian Rupee cross rates edge higher at the start of the European session
EUR/INR today: Indian Rupee cross rates edge higher at the start of the European session
Indian Rupee (INR) crosses trade on the front foot at the beginning of Wednesday, according to FXStreet data.
India
China’s white paper: Willing to communicate with US on important issues in economy, trade
China’s white paper: Willing to communicate with US on important issues in economy, trade
China released a white paper on US trade and economic relations on Wednesday.
China
TradeWar
UnitedStates
AUDUSD
US futures pare losses on China headlines
US futures pare losses on China headlines
It's a bit of a mess once again involving the headlines
Stocks
This is what you should focus on right now
This is what you should focus on right now
There are lots of things moving at the same time and it might be hard to get a sense of what really matters for the markets now. Here are two key things you should focus on.
market overview
USD/CHF tumbles below 0.8450 amid risk-off mood, eyes on FOMC Minutes
USD/CHF tumbles below 0.8450 amid risk-off mood, eyes on FOMC Minutes
The USD/CHF pair extends its downside to near 0.8435 during the early European session. The Swiss Franc (CHF) edges higher against the US Dollar (USD) as traders seek refuge from the intensifying market turmoil caused by US President Donald Trump’s sweeping tariffs and fears of a global recession.
USDCHF
Majors
Macroeconomics
China to convene a high-level meeting in response to US tariffs
China to convene a high-level meeting in response to US tariffs
Citing people with knowledge of the matter, Reuters reported on Wednesday that senior officials from China’s State Council, several government and regulatory bodies plan to hold a meeting as early as Wednesday in response to US President Donald Trump’s 104% tariffs on Chinese goods.
China
TradeWar
UnitedStates
AUDUSD
Gold looks to jump back up after a brief stint under $3,000
Gold looks to jump back up after a brief stint under $3,000
The precious metal is up 1.6% on the day to $3,031 currently
Gold
BoJ’s Ueda: Will continue to raise rates if economy keeps improving in line with outlook
BoJ’s Ueda: Will continue to raise rates if economy keeps improving in line with outlook
Ahead of his meeting with the Japanese Financial Services Agency (FSA) and Ministry of Finance (MoF) on Wednesday, Bank of Japan (BoJ) Governor Kazuo Ueda said that the central bank “will continue to raise rates if the economy keeps improving in line with the outlook.”
BOJ
CentralBanks
USDJPY
InterestRate
What are the main events for today?
What are the main events for today?
We have the FOMC Minutes and the 10y auction but the focus will remain on tariff negotiations especially something from China
market overview
Eurostoxx futures -3.9% in early European trading
Eurostoxx futures -3.9% in early European trading
Stocks under pressure again with Europe needing to catch back up to the turnaround in Wall Street yesterday
Stocks
French Minister Haddad: Hopes for talks with US over tariffs
French Minister Haddad: Hopes for talks with US over tariffs
France's European Affairs Minister Benjamin Haddad reaffirmed on Wednesday, he has hopes for talks with United States (US) over tariffs.
EURUSD
TradeWar
UnitedStates
France
USD/CAD finds some support near 1.4200 mark as Oil prices plunge to fresh multi-year low
USD/CAD finds some support near 1.4200 mark as Oil prices plunge to fresh multi-year low
The USD/CAD pair continues with its struggle to move back above the 100-day Simple Moving Average (SMA) and attracts fresh sellers during the Asian session on Wednesday.
USDCAD
TradeWar
Resources
InterestRate
Currencies
India Gold price today: Gold jumps as Trump's 104% tariffs on China kick in
India Gold price today: Gold jumps as Trump's 104% tariffs on China kick in
US President Donald Trump's global reciprocal kick in on Wednesday, fuelling a fresh risk-aversion wave across the financial markets, spiking up the demand for the traditional safe haven Gold.
Gold
India
Commodities
TradeWar
EUR/JPY trades near 160.40 after recovering daily losses, eyes on MOF, FSA, BoJ’s meeting
EUR/JPY trades near 160.40 after recovering daily losses, eyes on MOF, FSA, BoJ’s meeting
EUR/JPY recovers its daily losses, trading near the 160.50 during Asian trading hours on Wednesday.
EURJPY
Crosses
Macroeconomics
Japan
Eurozone
EUR/USD attracts some buyers above 1.1050, FOMC Minutes in focus
EUR/USD attracts some buyers above 1.1050, FOMC Minutes in focus
The EUR/USD pair rises to near 1.1065 during the early European session on Wednesday. The US Dollar (USD) weakens against the Euro (EUR) after US President Donald Trump's tariff policy takes effect.
EURUSD
Majors
Macroeconomics
Japan's MOF, FSA, and BOJ to hold meeting on markets at 0700 GMT
Japan's MOF, FSA, and BOJ to hold meeting on markets at 0700 GMT
This usually happens when there are extraordinary events in markets and today is one of that
NZD/USD Price Forecast: Rebounds from sub-0.5500 levels/multi-year low; not out of the woods yet
NZD/USD Price Forecast: Rebounds from sub-0.5500 levels/multi-year low; not out of the woods yet
The NZD/USD pair stages a modest recovery from levels below the 0.5500 psychological mark, or the lowest since March 2020  touched earlier this Thursday after the Reserve Bank of New Zealand (RBNZ) announced its policy decision.
Technical Analysis
Currencies
TradeWar
RBNZ
NZDUSD
Equities slide lower as Trump tariffs take effect
Equities slide lower as Trump tariffs take effect
S&P 500 futures now down 2.5% on the day
Stocks
Gold price sticks to strong intraday gains near weekly top; looks to FOMC minutes for fresh impetus
Gold price sticks to strong intraday gains near weekly top; looks to FOMC minutes for fresh impetus
Gold price (XAU/USD) sticks to its strong intraday gains through the first half of the European session and currently trades just above the $3,050 level, or the top end of the weekly range.
Resources
TradeWar
SEO
Gold
Commodities
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
Bonds
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
Broker Rebates