Forexlive Americas FX news wrap 21 Mar: Trump says there is 'flexibility' on tariffs ...Middle East

Trump: We can talk about China tariffsCanada January retail sales -0.6% vs -0.4% expectedFed's Williams: Current modestly-restrictive policy is 'entirely appropriate'More from Fed's Williams: We're not in a hurry to make next mon policy moveEurozone March consumer confidence -14.5 vs -13.0 expectedFed's Goolsbee: Business contacts are waiting on capital spending in light of tariffsWhat FedEx earnings reveal about the state of the economyECB's Stournaras: All available information points to another rate cut in AprilFed's Waller: I preferred to continue current pace of balance sheet runoffKing Charles made an offer to Trump to join the Commonwealth, hoping to cool tensionsCanada February new housing price index 0.1% versus -0.1% last monthTrump unswayed at efforts to craft tariff deal - reportBakers Hughes oil rig count -1 at 486

WTI crude oil up 20-cents to $68.27US 10-year yields up 1.7 bps to 4.25%Gold down $22 to $3021S&P 500 up 0.1%, Nasdaq up 0.5%USD leads, AUD lags

It was a strange day in markets and I suspect that the quad witching had something to do with it. Equities were beaten up early but came back to life when Trump said there was 'flexibility' on tariffs ahead of April 2 and that he was going to talk with Xi. Prior to that the US dollar was broadly strong but it gave some back afterwards.

The Canadian dollar was in focus with retail sales data released. USD/CAD rose after the data as it modestly missed estimates and hit 1.4375 but the advance reading for February sales was better than feared and that move unwound along with the better risk mood and a bounce in oil prices.

Overall, it wasn't a big day for news or market moves. The comments from Fed officials highlighted the uncertainty on the outlook and a willingness to wait on economic data. That was totally in-line with what Powell said on Wednesday.

Have a great weekend.

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

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