The early move here in Asia was for the US dollar to fall. Its losses were across the majors board, with reasons cited including
Trump’s tax plansurging US government indebtednessMoody’s downgradeNone of these is new information now.
The euro bounced from its drip lower on Monday, Europe time, with tariff relief cited, along with Lagarde’s remarks pointing to growing sentiment it could compete with the dollar in global reserves.
USD/JPY was a notable loser, falling on
solid wholesale services inflationbut more so on a speech from Bank of Japan Governor Ueda, that didn’t appear all that hawkish. Ueda did reiterate that the BOJ will continue to raise rates, depending on economic and price conditions.China’s industrial profits rose in April for a second straight month, and at their fastest since December.
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