ForexLive Asia-Pacific FX news wrap: Tariff tensions, China signals firm response ...Middle East

Proposed U.S. shipping rules could disrupt trade and ports, industry warns - From April 17Chinese stocks higher as state support lifts sentimentDeutsche Bank is now forecasting a 50bp RBA rate cut in MayGlobal turmoil raises chances of larger RBNZ rate cut - meeting tomorrowAustralia business confidence (March 2025) -3.0 (prior -1.0)More - China’s Huijin vows to act as market stabiliser, boost long-term share buyingPBOC sets USD/ CNY reference rate for today at 7.2038 (vs. estimate at 7.3321)China commerce ministry: China will never accept the “blackmail nature” of the USPBoC says it will provide lending support to China state fund Huijin if neededRecap - Chinese state firms pledge support for markets amid tariff-driven selloffChina will Increase the proportion of insurance funds invested in the stock marketAustralia: Westpac/Melbourne Institute Consumer Sentiment Index(April) -6% m/m (prior +4%)Japan's Nikkei rockets higher, up 6%Trump will undergo his annual physical exam on Friday, April 11Japan to tap Economy Minister Akazawa for U.S. trade talks: FNNUS energy Sec Wright heads to Middle East for a 2 week visitChina state investment Chengtong says will increase holdings safeguard market stabilityFed's Goolsbee on 'almost unprecedented situation' - anxiety - warns of high inflationMoody’s: Tariff shock sends global business sentiment into crisis territoryUS Chamber of Commerce weighing a lawsuit to block new Trump global tariffsU.S. 10-year Treasury futures fall another 10 ticks in wake of sharp reversalICYMI - "Global bank chiefs hold talks over Trump tariffs crisis"New Zealand NZIER Business Confidence (Q1 2025) 19% (vs. prior 16%)Iran and the US are planning to meet in Oman on SaturdayBessent says expects no trade deals by April 9, tariffs to hit thenBoA slashes target - warns Trump tariffs could shave 10% off 2025 S&P 500 earningsForexlive Americas FX news wrap: A fake headline takes the market for a rideBessent says Japan's non-tariff trade barriers are quite highGundlach says “no way” tariffs delay is going to happen, Trump will keep this goingTrade ideas thread - Tuesday, 8 April, insightful charts, technical analysis, ideas

China vowed to "resolutely take countermeasures" after U.S. President Donald Trump threatened to impose an additional 50% tariff on Chinese goods. Beijing warned it would "fight until the end" if Washington presses ahead, further intensifying fears of a global trade war.

Meanwhile, China’s yuan slid to its lowest level since 2023, with the offshore yuan touching a two-month low. The PBoC has allowed a near-linear depreciation in the onshore yuan, CNY, in recent days, breaking the symbolic 7.2 level—long seen as a line in the sand—signaling a policy shift and sending a message to Washington.

In Australia, the tariff shock has started to bite into the data. The Westpac-Melbourne Institute consumer sentiment index fell 6% in April, its sharpest drop in nearly two years, retreating from a three-year high. Households cited growing concern over the economic outlook and personal finances.

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EUR/USD has been a more, bouncing from late US time lows circa 1.0900 to highs around 1.0980. GBP, AUD, NZD and CAD have all also shown some strength, USD/JPY yen backed off from 148.00 to be under 147.40 as I post.

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

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