Forexlive Americas FX news wrap: US data sags, tariffs loom and OPEC+ pumps more ...Middle East

Trump signed action to increase China tariffs to 20% - White HouseTrump reiterates 25% tariffs on Mexico and CanadaSurprise decision: OPEC will go ahead with April oil output increase (confirmed)China dampens fiscal stimulus hopes with article on deficitsUS February ISM manufacturing 50.3 vs 50.8 expectedUS February final S&P Global manufacturing PMI 52.7 vs 51.6 prelimCanada February S&P Global manufacturing PMI 47.8 vs 51.6 priorUS January construction spending -0.2% vs 0.0% expectedGDPNow US growth tracker continues plunge: Down to -2.8% from -1.5%Fed's Musalem: Recent consumer and housing data pose some downside riskGoldman Sachs highlights a quirk in US GDP calcuations that will help the US growLutnick: Trump will decide on tariffs this afternoonSheinbaum: We are going to wait and see what happens regarding a tariff announcementNavarro continues to point to drugs as the reason for tariffs on CanadaMarch seasonals: The sun shines a bit brighter

Gold up $35 to $2894US 10-year yields down 7.4 bps to 4.155%WTI crude oil down $1.38 to $68.38S&P 500 down 1.75%EUR leads, CAD lags

It was another day of twists and turns.

In any case, Lutnick said the White House would have a discussion today and make the announcement tomorrow. Notably, he signed the order on additional China tariffs today but didn't sign the ones on Mexico and Canada. That news led to something of a bounce in risk assets and CAD late in the day.

Perhaps most impressive were the euro and pound. There is talk about expansionary fiscal policy around defense spending but I tend to think that a big part of it is the unwind of crowded positions that are short EUR/USD and GBP/USD either in the FX market or structurally via equities or other assets.

This article was written by Adam Button at www.forexlive.com.

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