ForexLive Asia-Pacific FX news wrap: White House says scaling back April 2 tariff plan ...Middle East

Bank of England Governor Bailey speaks Monday, March 24, 2025: "Growth in the UK Economy"Barclays says further PBOC easing is becoming increasingly unavoidableThe chair of UK investment bank Cavendish has proposed a tax on cryptocurrency purchasesCopper prices supported by by expectations of a tighter global supplyNomura like lower for yen crosses - particularly short CHF/JPY and GBP/JPYMalaysia is preparing to tighten its oversight of semiconductor exports to ChinaGold Analysis TodayAnt Group has developed AI models using Chinese-made chips, reducing training costsMorgan Stanley raises its 2025 GDP growth forecast for China by 50 bps to 4.5%Bank of Japan Governor Ueda: Have been gradually tapering long-term JGB holdingsBoJ Uchida - will continue raising rates if achieving economic, price outlook rises likelyJapan finmin Kato: Will take appropriate action against excessive movesPBOC sets USD/ CNY reference rate for today at 7.1780 (vs. estimate at 7.2496)South Korea's Constitutional Court dismisses impeachment of prime ministerJapan flash March manufacturing PMI 48.3 (prior 49.0)ICYMI - China is considering joining the potential peacekeeping mission for UkraineThe next Bank of Japan meeting is likely a 'live one' given stick high food pricesToyota to postpone its plan to build lithium-ion battery factory in FukuokaChina vice premier He Lifeng met heads of Apple, Pfizer, MasterCard, Eli Lilly, CargillFX positioning info - Net speculative EUR longs surged in a sharp rise from previous weekICYMI - Trump adviser said (Friday) US may sell gold to buy BitcoinRisk trade jumps - Globex open, stock futures higher. Here's why ICYMI.Huge jump for the Australian March Manufacturing PMI (Flash) to 52.6 (vs. prior 50.4)White House is narrowing its approach to April 2 tariffs set - likely omitting a setBank of America forecast year-end AUD/USD to 0.68Trade ideas thread - Monday, 24 March, insightful charts, technical analysis, ideasTurkey turmoil - short selling banned on Istanbul Stock ExchangeMonday morning open levels - indicative forex prices - 24 March 2025Mark Carney calls April 28 election in CanadaNewsquawk Week Ahead: US PCE, Global PMIs, UK CPI and Spring Statement, BoJ SoOWeekly Market Outlook (24-28 March)European officials concerned over relying on Fed for USD funding in times of mkt stressTrump revoking legal status of more than half a million migrants: US labor mkt implicationJapan and China met on Saturday for talks on their economiesNVIDIA's Stock Analysis: AI-Based Orderflow Analysis Reveals Quiet Strengh

While there were news items over the weekend:

Mark Carney calls April 28 election in CanadaTurkey turmoil - short selling banned on Istanbul Stock Exchange Trump revoking legal status of more than half a million migrants: US labor mkt implication Japan and China met on Saturday for talks on their economies

the market-moving news early on Monday here in Asia (late on Sunday afternoon US time) was that the White house said April 2 tariff plans are being trimmed:

Scales back April 2 tariff plan, focuses on targeted reciprocal levies Sectoral tariffs on cars, chips, pharma unlikely to be announced April 2Reciprocal tariffs still set to hit top trading partners including ‘Dirty 15’ (China, the EU, Mexico, Vietnam, Ireland, Germany, Taiwan, Japan, South Korea, Canada, India, Thailand, Italy, Switzerland, and Malaysia, if you were wondering)

The Wall Street Journal carried the report. The USD began to weaken soon after. It was when Globex reopened for the week, though, with gaps higher for US equity index futures, that FX accelerated. AUD was a notable beneficiary, but EUR, GBP, NZD and CAD all gained. There have been retracements since.

USD/JPY traded higher, towards, but not hitting, 150. As the yen lost ground we had some comments from Japan’s Finance Minister Kato, Bank of Japan Deputy Governor Uchida, and Bank of Japan Governor Ueda that have seen the yen stabilise weaker on the session.

We had preliminary PMIs for March today from Australia and Japan, all weakening from February.

The People’s Bank of China set its reference rate for USD/CNY at the weakest (for CNY) since January 20.

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In regional political news, South Korean Prime Minister Han Duck-soo, who was impeached late last year for his actions following the martial law imposition, had his impeachment overturned in a 7-1 vote by South Korea’s Constitutional Court today.

This article was written by Eamonn Sheridan at www.forexlive.com.

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