| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 00:30 | Australia | Retail Sales, M/M | February | 0.3% | 0.3% | 0.2% |
| 01:45 | China | Markit/Caixin Manufacturing PMI | March | 50.8 | 51.1 | 51.2 |
| 04:30 | Australia | Announcement of the RBA decision on the discount rate | | 4.10% | 4.1% | 4.1% |
| 06:00 | United Kingdom | Nationwide house price index | March | 0.4% | 0.2% | 0% |
| 06:00 | United Kingdom | Nationwide house price index, y/y | March | 3.9% | 3.8% | 3.9% |
During today's Asian trading, the US dollar consolidated against major currencies, as investors braced for another round of reciprocal tariffs from President Trump, heightening concerns over a deepening global trade war and potential economic slowdown. The White House is expected to announce new levies on Wednesday, but details remain scarce. Trump stated on Sunday that nearly all countries would face new duties this week, adding to uncertainty in financial markets.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.06% to 104.25. In March, the index fell by 3.16%, while since the beginning of 2025 it has lost 4%, as Trump imposed tariffs on aluminum, steel, and automobiles, as well as increased levies on all Chinese imports. Experts said that the lack of clarity on which countries or sectors will be affected could lead to increased market instability. Beyond trade policies, investors are closely watching a series of upcoming U.S. economic reports, including jobs and payroll data, which could provide a clearer picture of how the economy is holding up under Trump's second term.
The euro dipped 0.1% against the US dollar after gaining 4.5% in the first quarter, its strongest performance since late 2022, largely driven by Germany's fiscal overhang. However, some investors remain skeptical about the sustainability of this rally.
The Japanese yen was almost unchanged against the US dollar after rising nearly 5% in the first quarter amid rising expectations that the Bank of Japan (BOJ) could raise interest rates again.
However, fresh data on Tuesday showed worsening business sentiment among major Japanese manufacturers, signaling that escalating trade tensions may already be affecting the country’s export-driven economy. This adds complexity to the BOJ’s policy outlook as it weighs further rate hikes.
The Australian dollar rose 0.3% against the US dollar. The Reserve Bank of Australia (RBA) held interest rates steady at 4.1%, but softened its stance on future rate cuts by removing a reference to caution over additional easing. The central bank delivered its first rate cut in over four years in February but has since adopted a cautious stance on further easing, with Governor Michele Bullock downplaying the likelihood of multiple cuts in the near term.