The market moves are intense at the moment, as China delivers sweeping counter-tariffs against the US here. It's a bit of a case of blink and you'll miss it, with the price movements coming in thick and fast. In FX, we're already seeing USD/JPY tumble below 145.00 now to fresh lows - down by 1% on the day.
Elsewhere, S&P 500 futures are down 3% and in Europe we're seeing the DAX down by nearly 5% and CAC 40 down by 4%. As crazy as it sounds, we're getting so close to talking about the DAX erasing all of its gains for the year when at some point last month it was up by close to 18% year-to-date. Baffling.
Going back to FX, the aussie is being crushed hard with traders now fully expecting the RBA to deliver rate cuts next month and all the way through to August at least. In the next three meetings, traders are pricing in ~86 bps worth of rate cuts currently. That is seeing AUD/USD tumble by over 3% now to 0.6117 on the day. The Pacific peso is back.
In other markets, gold is one of the biggest beneficiaries here as the precious metal has surged up from around $3,090 to $3,133. It is up 0.6% now after having been down by around 1% at the lows earlier in the session.
Meanwhile, 10-year Treasury yields are also hammered down to 3.878% currently - down 16 bps on the day. For some context, yields touched a high of 4.40% just last Thursday. So, we're seeing it down by over ~53 bps from the highs in just a little over a week.
This article was written by Justin Low at www.forexlive.com.Hence then, the article about risk off flows intensify ahead of us trading 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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