It was another day of tariff talk from Trump, and also from his Treasury Secretary Scott Bessant.
Bessant kicked it off with a 'moderate' proposal to set a universal tariff at 2.5% with a gradual rise of 2.5% each month. Bessent said the universal tariff could rise as high as 20%. Bessant's comments were from an unnamed source cited by the Financial Times.
The USD began to rise, and soon after Trump weighed in, promising tariffs on computer chips in the near future, on producers of pharmaceuticals, will look at steel and other industries for tariffs, and also tariffs on aluminum and copper.
The USD gained further. Major FX lost ground broadly: EUR, AUD, GBP, NZD, CAD.
There was some stabilisation and a small bounce for non-USD FX before Trump spoke again saying he wanted tariffs much higher than 2.5%, opposing Bessent.
The USD found renewed strength.
USD/JPY has been a bit of an exception, while many of the major non-USD currencies stabilised the yen lost further ground pretty much for the entire session. Lows were around 154.50 and as I update its pressing towards 155.70.
On the data agenda today we had services PPI from Japan (for December 2024) coming in slightly lower than November but still at a solid 2.9% y/y rise.
From Australia, we had a marginal improvement for business confidence but a better improvement for business conditions (December 2024 data also).
Australia will be a focus tomorrow with the official Q4 CPI result (preview in the points above).
China began its Lunar New Year holidays today (January 28 - February 4). Singapore and Hong Kong will be out Wednesday and Thursday and Wednesday, Thursday and Friday respectively.
This article was written by Eamonn Sheridan at www.forexlive.com.Hence then, the article about forexlive asia pacific fx news wrap trump tariff talk again usd higher was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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