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US Dollar soft after PMI data and gloomy Fed's Beige Book
The US Dollar Index (DXY) failed to hold onto its early strength during Wednesday’s session and now drifts near the 99.50 region, reflecting continued uncertainty around US trade policy and softening business momentum.
Currencies
SEO
DollarIndex
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Fed’s Beige Book: The outlook worsens due to uncertainty spurred by tariffs
Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions, most of which focuses on the economy’s general overview, inflation, and employment.
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CentralBanks
InterestRate
DollarIndex
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Leavitt: There will be no unilateral reduction in tariffs against China
Repeats what Bessent said earlier
Politics
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Beige Book: Economic activity was little changed, outlook in some districts worsened
Highlights of the Beige Book released April 23, 2025
Fed
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BoE’s Bailey: Fragmenting the world economy will be bad for growth
At an International Monetary Fund (IMF) event, Bank of England (BoE) Governor Andrew Bailey said that the central bank must take the risk to economic growth from global trade disruption very seriously.
CentralBanks
BOE
GBPUSD
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China's stance on US-China trade talks revealed; Doors open for negotiation
Chinese embassy emphasizes openness for talks with the U.S. without threats or pressure, calling for equality and respect in negotiations.
China
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US treasury auctions off $70 billion of 5-year notes at a high yield of 3.995%
The WI level at the time of the auction was 4.005%
USD
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USD/CAD price analysis: Consolidation holds below 1.3900 as Fed and trade policy risks loom
The USD/CAD pair trades modestly higher around 1.3800 during Wednesday’s North American session, bouncing within a tight range after testing six-month lows earlier in the week.
Technical Analysis
Fed
USDCAD
Majors
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Dow Jones soars close to 500 points as Trump calms Powell firing fears, China tariff relief eyed
The Dow Jones Industrial Average (DJIA) rallied over 490 points or close to 1.30% on Wednesday amid traders' relief on a possible de-escalation of the US-China trade war and US President Donald Trump's comment that he doesn’t plan to remove Federal Reserve (Fed) Chair Jerome Powell.
DowJones
Equities
Fed
SEO
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EUR/GBP Price Analysis: Pair trades near 0.8600 amid neutral short-term signals
The EURGBP pair eased slightly on Wednesday, slipping toward the lower end of its recent consolidation range after the European session. The pair was last seen hovering near the 0.8600 area, reflecting a mild pullback within a still-bullish technical setup.
Crosses
Technical Analysis
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EURGBP
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US Treasury Secretary Bessent: No unilateral tariff cuts for China
On Wednesday, United States (US) Treasury Secretary Scott Bessent crossed the wires to discuss the trade war between China and his country. He commented that President Donald Trump has not offered to unilaterally lower tariffs on China.
China
UnitedStates
Politics
AUDUSD
DollarIndex
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World Bank cuts Mexico 2025 GDP forecast to 0% from 1.5%
That's a harsh downgrade
MXN
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Fxstreet
EUR/USD Price Analysis: Edges lower toward 1.1400 zone despite bullish trend structure
The EUR/USD pair eased lower on Wednesday, retreating slightly toward the 1.1400 zone after a recent bullish streak.
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Why China's Xi will not call Trump
Xi doesn't do the calling
Politics
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Bessent: No unilateral offer from Trump to cut China tariffs
Some comments from Bessent and initial downside in stock markets
Politics
USD
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GBP/USD slips beneath 1.3300 as USD gains on Powell relief and trade optimism
The Pound Sterling (GBP) depreciates against the Greenback on Wednesday, yet slightly recovered after diving to four-day lows of 1.3230. Traders seemed relieved that US President Donald Trump, although angry with Federal Reserve (Fed) Chair Powell, is not looking to sack him.
Currencies
Fed
Majors
GBPUSD
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Canadian travel to US shows shows a steep decline
Statistics Canada released February travel data
CAD
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US crude oil inventory 0.224M vs -0.770M est
Weekly crude oil data
Oil
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US: How much revenue can tariffs bring? – Standard Chartered
Tariff revenue won't compensate for the fiscal costs of TCJA extensions. Added tariff revenues will be below 1% of GDP – most likely 0.5-0.9% of GDP. Unfunded tax cuts could put further upward pressure on US rates, Standard Chartered's analysts report.
US Elections
UnitedStates
Politics
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Macroeconomics
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CAD unruffled by overnight swings, holds range – Scotiabank
The Canadian Dollar (CAD) is little changed on the day as spot continues to consolidate.
Technical Analysis
Canada
BOC
USDCAD
Banks
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GBP jostled by sentiment, headline risks – Scotiabank
The Pound Sterling (GBP) weakens and enters Wednesday’s American session with a modest decline, trading in tandem with the Euro (EUR), around the Trump trade/Fed headlines, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Technical Analysis
Banks
GBPUSD
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White House would look at lowering tariffs pending talks with Beijing
White House is putting the ball in China's court
USD
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Several OPEC+ members want the group to approve another accelerated oil output increase
Crude oil prices move lower
Oil
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US new home sales for March 0.724M vs 0.680M estimate
New home Sales for March 2025
USD
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Fxstreet
Silver Price Forecast: XAG/USD jumps to near $33 as US-China trade tensions ease
Silver price (XAG/USD) trades firmly around $33.00 during North American trading hours on Wednesday. The white metal strengthens as fears of an intense trade war between the United States (US) and China have diminished after President Donald Trump signaled the possibility of a deal with Beijing.
Silver
SupportResistance
TradeWar
Fed
XAGUSD
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S&P global manufacturing PMI for April 50.7 versus 49.1 estimate.
S&P global manufacturing and services PMI data for April 2025.
Stocks
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Fxstreet
White House considers slashing China tariffs to de-escalate trade war – WSJ
The Wall Street Journal reported on Wednesday that the White House is considering slashing tariffs on Chinese goods to de-escalate the trade conflict.
China
UnitedStates
Politics
Macroeconomics
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White House reportedly mulling cutting China tariffs to de-escalate trade war
According to the Wall Street Journal sources
USD
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Fxstreet
JPY fades as sentiment recovers – Scotiabank
Japanese Yen (JPY) is soft, down 0.2% against the US Dollar (USD) and underperforming most of the G10 currencies, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Technical Analysis
BOJ
Japan
USDJPY
Banks
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Canada March new housing price index 0.0% vs +0.1% prior
Canada new housing price index
CAD
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Fxstreet
EUR consolidated around 1.14 – Scotiabank
The Euro (EUR) is soft and entering Wednesday’s NA session with a modest decline against the US Dollar (USD), having recovered from a short-lived bout of early Asian session weakness, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Technical Analysis
EURUSD
Banks
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U.S. budget deficit projected to fall to 6.5% of GDP in 2025 due to tariff collection...
...and 5.5% in 2026. That is down from 7.3% in 2024.
USD
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Fxstreet
USD consolidates as trade/Fed concerns ease – Scotiabank
Markets are trading with a sense of relief this morning. Late yesterday, President Trump said he had no intention of firing Fed Chair Powell and remarked that the 145% tariffs on China could be reduced substantially following a trade deal.
Technical Analysis
Fed
Banks
DollarIndex
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Selective disclosure is making it increasingly difficult to trade
Every move is suspicious
Politics
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Forex Live
US PMIs, new home sales, Beige Book and Waller highlight the agenda
What's on the US economic calendar today
economic calendar
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Kazakhstan Energy Minister: National interests take priority over OPEC+ on output levels
Reuters with the report that is weighing on crude oil prices
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