Forexlive European FX news wrap: Markets less optimistic after Trump's interview with Time ...Middle East

Markets not enthusiastic about Trump's remarksTrump: China's Xi has called himHow have interest rate expectations changed after this week's developments?SNB's Schlegel: Economic slowdown in Switzerland cannot be ruled outThai Commerce Minister: Thailand will eventually be able to negotiate tariffs with the USECB's Holzmann: Next policy steps are completely openChina Foreign Ministry: China and US are not having any consultations or negotiationsFrance April business confidence 96 vs 97 priorWhat are the main events for today?UK March retail sales +0.4% vs -0.4% m/m expectedChina Politburo reaffirms to cut RRR and interest rates in a timely mannerGood to see that US and China are reviewing tariffs, says AmCham China presidentFX option expiries for 25 April 10am New York cut

It's been a relatively quiet session until the Time magazine released its interview with President Trump. At first we saw a quick algo driven spike to the upside as "Trump: China's Xi has called him" headlines started to pop up. That was faded almost instantly and the markets reversed as more and more headlines started to filter through.

The risk-off flows began to mount with two key remarks as the likely culprit. The first one was his answer to the question whether he would consider it a victory if the US still had high tariffs by the end of the year like 20% or 30% or 50%. He replied "total victory". Not exactly encouraging.

The second one was when he said that he won't call President Xi unless Xi calls him first. It's been made clear by now that the Chinese won't call first, so if this is the strategy, then they could remain at a standstill for a long time until the economic damage becomes big enough to force Trump to fold.

I don't think the latter is the reason because he also said that Xi has called him and the markets don't believe him anyway at the moment given that the Chinese keep on repeating that they haven't had contacts. We can't know who is lying between the two, but there's too much uncertainty on this topic to bet money on it.

Watch out for the weekend tariff headlines as Trump and many other heads of state will be in Rome for the Pope's funeral.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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