Gold rose back above 3100, from under 3000 overnight as earlier sell-off dissipated. XAU/USD was last at 3123 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
In an interview with CNBC on Thursday, Kevin Hassett, Director of the US National Economic Council (NEC), said that there is a big inventory of deals that are very close to the finish line, per Reuters.
European Commission President Ursula von der Leyen confirmed on Thursday that they have agreed to pause countermeasures against the US tariffs for 90 days.
USD/JPY jumped sharply to 148.27 overnight as safe haven trades unwind after Trump announced a 90-day tariff pause. We had cautioned for the risk of a short squeeze in our report yesterday. Pair was last at 145.78 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
EUR/NOK's recent breakout attempt above 12.05 was short-lived, as strong resistance pushed the pair back into its consolidation range. Key support at 11.68 now becomes critical for the near-term outlook, Societe Generale's FX analysts report.
Australian Dollar (AUD) rebounded 4% from its lows overnight after Trump pauses tariffs on most nations for 90 days. Pair was last at 0.6170 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Despite Trump raising tariffs on China to 125% overnight, USD/CNH fell as broader sentiment improved. Trump unexpectedly paused higher tariffs on 56 nations (excluding China) for 90 days.
New Zealand Dollar (NZD) could test 0.5695 vs US Dollar (USD) before the risk of a pullback increases. In the longer run, weakness in NZD has stabilised; it is likely to consolidate between 0.5540 and 0.5760 for now, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
EUR/GBP briefly traded to 0.8650 yesterday – a move which seems to coincide with the sell-off in UK gilts. That UK gilts even underperformed US Treasuries is quite remarkable and probably very unnerving for the UK's Debt Management Office, ING’s FX analyst Chris Turner notes.
Copper and other base metals rallied in early morning trading today following President Trump’s 90-day tariff pause, ING’s commodity analysts Warren Patterson and Ewa Manthey note.
The European Union is considering pausing its countermeasures, due on April 15, against the United States' tariffs for 90 days, Reuters reported on Thursday, citing EU diplomats.
Markets are watching closely as China weighs a response to the latest US tariff hike. With limited trade impact, the focus shifts to potential currency movements and consumer strain, ING’s FX analyst Chris Turner notes.
Sharp rally in Australian Dollar (AUD) seems to have enough momentum to test 0.6195 before leveling off. In the longer run, for the time being, AUD is expected to trade in a 0.6000/0.6290 range, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Trump's tariffs pause sent risk assets to the moon yesterday, including of course bitcoin. Traders are now questioning if this is just a pullback or a legit change in trend.
Gold price (XAU/USD) is printing a stellar return on Thursday, moving around $3,120 at the time of writing. Since Tuesday morning, the precious metal has rallied nearly 5.00%.
The clean take-away from the pause in the worst of the tariffs was a re-assessment of global trade prospects on the view that perhaps tariffs were more transactional after all, and US equity losses are indeed proving a brake on the President's desires to rewire the global trading systems, ING’s FX a
European natural gas prices plunged sharply, with TTF falling over 7% amid heavy fund selling. A pause in tariffs may offer a temporary lift, but market positioning remains cautious, ING’s commodity analysts Warren Patterson and Ewa Manthey note.
USD/CAD loses ground for the second successive day, trading around 1.4090 during the European hours on Thursday. The pair loses ground as the US Dollar (USD) remains subdued ahead of the high-impact Consumer Price Index (CPI) inflation report for March set to be published on Thursday at 12:30 GMT.
Pound Sterling (GBP) is still trading in a range vs US Dollar (USD), expected to be between 1.2750 and 1.2870. In the longer run, GBP could decline further; it is unclear if it can reach the next major support at 1.2580, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Oil prices rallied along with risk assets yesterday after President Trump paused reciprocal tariffs on most trading partners, at least those that haven’t retaliated yet. This puts tariffs back to the baseline 10%, ING’s commodity analysts Warren Patterson and Ewa Manthey note.
Silver (XAG/USD) struggles to capitalize on its modest intraday uptick and retreats slightly after touching a fresh weekly high, around the $31.30 region during the early European session on Thursday.
Sharp decline in Euro (EUR) vs US Dollar (USD) has room to test 1.0895 before stabilisation is likely; any further decline is unlikely to reach 1.0850.
The EUR/USD market is sometimes referred to as a 'washing machine' where global trade and portfolio flows meet and cancel each other out, ING’s FX analyst Chris Turner notes.
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