Yesterday was another rollercoaster day in markets with Trump's tariff headlines continuing to direct movement. At one point, positive risk sentiment returned, with US and European equities going briefly positive. This was caused by rumours that there could be a 90-day delay in tariffs being imposed. However, those reports were refuted, and, as a result, markets fell off the day's highs. USD gained for the second consecutive day, as markets eased rate cut expectation and GBP continued to decline across the board.
*Daily move - against G10 rates at 7:30am, 08.04.25
** Indicative rates - interbank rates at 7:30am, 08.04.25
USD has retraced some of its gains this morning, as yesterday's improved risk sentiment has continued this morning. Today, given the economic calendar is empty, tariff headlines will continue to dominate market moves.
Overnight China vowed “fight to the end” in its trade war with the US and Scott Bessent said that tariffs will decrease as negotiations with trading partners begin. Bessent expects 70 countries to be involved in negotiations, with Japan given priority.
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