ForexLive Asia-Pacific FX news wrap: Yen takes some back ...Middle East

China's leaders will meet to discuss stimulus measuresChinese Amazon sellers warn of price hikes and market exit amid U.S. tariffsNew Zealand fin min says RBNZ has ample room to lower interest rates if neededKazuyuki Masu, a former CFO of Mitsubishi, nominated to join Bank of Japan policy boardAustralia is reopening talks about free trade with the European UnionChina March CPI -0.1% y/y (expected +0.1%)PBOC sets USD/ CNY mid-point today at 7.2092 (vs. estimate at 7.3484)Australian inflation expectations surge in April, to 4.2% (prior 3.6%)Japan bond yields rise - but this time its good news - shift to stocks on tariff reliefWSJ says "Xi Jinping’s capacity to engage in a prolonged economic warfare with the US"China's Commerce Minister repeats that China will fight to the endJapan data - March PPI +0.4% m/m (expected +0.2%) & +4.2% y/y (expected +3.9%)Trump's the tariff mix is actually worse after his latest cave inUK data shows house buyer demand in March hit its lowest since September 2023National Australia Bank forecast a 50bp Reserve Bank of Australia rate cut in MayCanada PM Carney: Pause on reciprocal tariffs welcome reprieve for the global economyGoldman Sachs cancelled their recession forecast after Trump's tariff cave inFed's Kashkari says the uncertainty may lead to economic declineFed's Hammack says markets looked strained but are functioningTrump: I can't imagine a further increase of tariffs on China.New Zealand PM Luxon to visit the UK this month, trade talks with UK PM Starmer.US stock market surges after Trump tariff pause. Nasdaq index has it's best day since 2001Forexlive Americas FX news wrap: Trump drops reciprocal tariffs, huge market moves followTrade ideas thread - Thursday, 10 April, insightful charts, technical analysis, ideas

U.S. equity index futures pulled back. While the drop looks significant in isolation—ES futures have fallen from above 5520 to around 5450 as I write—it’s worth remembering that this index surged from below 5000 just over 12 hours ago.

Trump’s rollback has lowered the average effective tariff rate from 27% to 24%. While that’s a move in the right direction, it remains at an anti-growth level. This doesn’t bode well for inflation or risk assets going forward. The three-month delay in implementing the new tariffs might also discourage businesses from committing to new investment or capex. Things are less bad—but not significantly better. While de-escalation would be welcomed, there’s been no sign of that from either China or Trump during today’s session.

On the data front, the key release was further evidence of ongoing deflation in China.

In FX, USD/JPY has given up ground during the session, dropping back below 146.80. The dollar is also slightly weaker against the EUR, AUD, GBP, and NZD.

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

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