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US OPEN
US equity futures lower whilst DXY is flat, reports suggest that White House aides have drafted a proposal to impose tariffs of around 20%
Good morning USA traders, hope your day is off to a great start! Here are the top 6 things you need to know for today’s market.
6 Things You Need to Know
US Treasury Secretary Bessent said President Trump will announce reciprocal tariffs at 15:00EDT/20:00BST on Wednesday.
US President Trump says maybe Tuesday night or Wednesday you will see tariff details and we are going to be nice in comparison to other countries, adds in some cases maybe substantially lower.
European bourses gain and reside near session highs whilst US futures trade modestly on either side of the unchanged mark.
USD slightly lower but with price action fairly contained ahead of “Liberation Day”, EUR little moved by EZ HICP.
Bonds bid into April 2nd but USTs and Bunds remain around/shy of Monday’s peaks.
Choppy trade for the crude complex, but base metals largely supported by Chinese Manufacturing PMI.
Gold Hits Fresh Record as U.S. Tariffs Loom
Gold prices extend their rally on Tuesday, hitting a fresh record as fears of a widening trade war ahead of U.S. President Trump’s tariff rollout drive a rush toward the safe-haven asset. In early trade, futures rise 0.3% to $3,159.30 a troy ounce, after reaching a high of $3,177 a troy ounce earlier. “Given the general risk-off tone and stagflationary fears, gold put in its best quarterly performance since 1986,” analysts at Deutsche Bank Research say. Gold is up more than 19% so far this year, as fears of an escalating global trade war and central-bank buying boost its appeal as a hedge against geopolitical and economic instability. Traders are now bracing for Trump to unveil reciprocal tariffs on U.S. trading partners on Wednesday, fearing that the new levies could hurt global growth and drive up inflation.Gold Technicals:
Dollar struggles for direction before Trump’s reciprocal tariffs, awaits data
Investors brace for Trump’s reciprocal tariffs
Markets subdued amid uncertainty
Euro drops as markets bet on a rate cut in April
Aussie flat after RBA decision
Markets will monitor the U.S. Job Openings and Labor Turnover Survey (JOLTS) and the ISM manufacturing index later in the session, both of which could provide further insights into how uncertainty in U.S. trade policy is hurting the economy.
Trump announced late on Sunday that virtually all countries would face new tariffs this week, though he provided no specific details, leaving currency markets in a cautious, subdued state.
European Commission President Ursula von der Leyen said EU was open to negotiations with the U.S. on trade, but would retaliate strongly if necessary.
The dollar index DXY, which measures the U.S. currency against six rivals, was 0.05% higher at 104.24.
DXY Technicals
XAUUSD 4 HOUR – The Power of 50
So let’s keep this simple
Keeps a bid as long as 3100 holds as support.
Only key resistance is the new record high (3148)
3150 (“50” level) is the next potential pause point… I always pay attention around the 50 level and the new record high at 3148 suggests a potential pause or at least a breather.(beyond that 3200 would come in the radar..)
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Using my platform as a HEATMAP shows
… a calm before the Liberation Day storm
Dollar more or less steady and cautious
EURUSD 1.08 has traded for 8th day in a row
USDJPY backed away from 150 but still well above yedterday’s 148.70 low
U.S. bond yields lower (10 year 4.18%)
U.S. stocks cautious
Gold sets another record high
Looking ahead, US ISM PMI
DAX – ger30
DAX opened with a gap to the upside.
Facing resistance at 22.500, with another one at 22.700
Unless some miracle happens it should fail and go for 21.750
Even if it is meant to continue being bullish, it has to take some time in yoyo-ing , and to form a new base for continuation of the uptrend.
I am mostly interested to see how 21.750 will act.
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