US
Treasury Secretary Bessent said today (interview on Fox) that Trump’s
announcement on his next round of tariffs will be on Wednesday, April
2, at 3 pm US Eastern time (1900 GMT). Ahead of this Trump spoke with
media Monday evening dropping a few hints on what to expect. In
brief:

  • Trump
    said he has settled on a tariff plan
  • is
    going to be “very kind”
  • “The
    word reciprocal is very important”
  • we
    are going to be nice very comparison to other countries
  • in
    some cases maybe substantially lower

This
all doesn’t sound like some sort of 20% blanket tariff will be
applied, but we await Trump’s decision.

The
Bank of Japan released its quarterly ‘Tankan’ report. The results
were reasonable, not spectacular, showing the 17th quarter
in a row of positive. The inflation expectations part of the survey
showed a slight rise, which will be some encouragement for the BoJ
rate hike path ahead.

China’s
private manufacturing PMI showed expansion at its fastest rate in
four months in March. Stronger demand and robust export orders cited,
although escalating US tariffs do not bode well ahead.

On
the geopolitical front, China launched a major military exercise
around Taiwan today. State media says the exercises are a ‘warning’
to separatist forces:

  • “to
    approach Taiwan Island from multiple directions around the island”;
    and “seizing comprehensive control, sea and land strikes, and
    blocking key areas and roads.”

Yet
to come is the Reserve Bank of Australia policy decision (0330
GMT/2330 US Eastern time) followed by Bullock’s press conference
(an hour later).

Major
FX has traded in subdued ranges only. AUD and NZD had a slight dip
on news that China’s Commerce Ministry held a hearing on imported
beef safeguard measures

Gold
rallied further, another record high hit, as the squeeze continued.

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US
Treasury Secretary Bessent said today (interview on Fox) that Trump’s
announcement on his next round of tariffs will be on Wednesday, April
2, at 3 pm US Eastern time (1900 GMT). Ahead of this Trump spoke with
media Monday evening dropping a few hints on what to expect. In
brief:Trump
said he has settled on a tariff planis
going to be “very kind””The
word reciprocal is very important”we
are going to be nice very comparison to other countriesin
some cases maybe substantially lowerThis
all doesn’t sound like some sort of 20% blanket tariff will be
applied, but we await Trump’s decision.
The
Bank of Japan released its quarterly ‘Tankan’ report. The results
were reasonable, not spectacular, showing the 17th quarter
in a row of positive. The inflation expectations part of the survey
showed a slight rise, which will be some encouragement for the BoJ
rate hike path ahead.
China’s
private manufacturing PMI showed expansion at its fastest rate in
four months in March. Stronger demand and robust export orders cited,
although escalating US tariffs do not bode well ahead.
On
the geopolitical front, China launched a major military exercise
around Taiwan today. State media says the exercises are a ‘warning’
to separatist forces:”to
approach Taiwan Island from multiple directions around the island”;
and “seizing comprehensive control, sea and land strikes, and
blocking key areas and roads.”Yet
to come is the Reserve Bank of Australia policy decision (0330
GMT/2330 US Eastern time) followed by Bullock’s press conference
(an hour later).
Major
FX has traded in subdued ranges only. AUD and NZD had a slight dip
on news that China’s Commerce Ministry held a hearing on imported
beef safeguard measuresGold
rallied further, another record high hit, as the squeeze continued.
This article was written by Eamonn Sheridan at www.forexlive.com.  Read MoreNews 

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