America’s Roundup: US dollar rebounds against safe-haven yen after Trump pauses tariffs, Wall Street rebounds sharply, Gold rises , Oil jumps 4%

Market Roundup

• US Wholesale Inventories (MoM) (Feb) 0.3%,0.3%forecast,0.8% previous       

• US Wholesale Trade Sales (MoM) (Feb) 2.4%, -0.9% previous 

• US Crude Oil Inventories 2.553M,2.200M forecast, 6.165M previous    

• US EIA Refinery Crude Runs (WoW)     0.069M, -0.192M previous                          

• US Crude Oil Imports  0.360M, 0.999M previous                            

• US Cushing Crude Oil Inventories 0.681M,2.373M previous      

• US Distillate Fuel Production   -0.019M, 0.164M previous                          

• US Gasoline Inventories -1.600M, -1.700M forecast, -1.551M previous                               

Looking Ahead Economic Data(GMT)

•23:50 Japan Bank Lending (YoY) (Mar)  3.1% forecast,  3.1% previous                                   

•23:50 Japan Foreign Bonds Buying -5.9B previous                          

•23:50 Japan Foreign Investments in Japanese Stocks -450.4B previous 

•23:50 Japan PPI (YoY) (Mar)  3.9% forecast, 4.0% previous         

•23:50 Japan PPI (MoM) (Mar)  0.2% forecast,  0.0% previous                   

•01:00     Australia MI Inflation Expectations (Apr) 3.6%  previous             

•01:30     China CPI (MoM) (Mar) -0.2% forecast,               -0.2% previous                

•01:30     China CPI (YoY) (Mar) 0.0% forecast, -0.7% previous                                     

•01:30     China PPI (YoY) (Mar) -2.3% forecast, -2.2% previous

Looking Ahead Events And other Releases(GMT)

•No Events Ahead 

Currency Summaries

 EUR/USD: The euro dipped on Wednesday after U.S president Donald Trump announced an immediate 90-day pause on targeted tariffs for most countries while raising the rate for China to 125%.U.S. Treasury Secretary Scott Bessent said the U.S. wants to negotiate in good faith with those that did not retaliate, that the market did not understand that tariff plan was maximum levels and will see what China does. Earlier in the session, the dollar slumped after China and the European Union announced new trade barriers on U.S. goods.China announced a tariff hike on U.S. imports to 84% from 34%, shortly after Trump's punitive 104% tariffs on Chinese imports kicked in on Wednesday.The EU said it would impose 25% tariffs on a range of U.S. imports. There were also worries that foreign accounts may be cutting back on dollar holdings. Immediate resistance can be seen at 1.1078(38.2%fib), an upside break can trigger rise towards 1.1160(23.6%fib).On the downside, immediate support is seen at 1.1016(50%fib), a break below could take the pair towards 1.0951(61.8%fib).

GBP/USD: The British pound dipped   on Wednesday   as investors cheered a sudden reversal by the U.S. on tariffs. The announcement by Trump came in the afternoon after days of market turmoil, with bond prices and the U.S. dollar selling off earlier in the day on fears that the administration's plans to raise tariffs to levels last seen more than 100 years ago would push the economy into recession. The president announced an immediate 90-day tariff pause for many countries even as he raised the levy on Chinese imports to 125%.The news of a pause brought sudden relief to the market.The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rebounded from early session losses. It was up 0.11% to 102.88 Immediate resistance can be seen at 1.2876(38.2%fib), an upside break can trigger rise towards 1.2905(April 7th high).On the downside, immediate support is seen at 1.2733(50%fib), a break below could take the pair towards 1.2664(Lower BB).

USD/CAD: The  Canadian dollar strengthened by the most in nearly three months against its U.S. counterpart on Wednesday as a sudden reversal by the U.S. on tariffs bolstered the outlook for the global economy. U.S. President Donald Trump said he would temporarily lower new tariffs on many countries, even as he raised them further on imports from China. The news was a welcome relief for markets, which have been roiled by a constant back and forth on U.S. tariff policy and retaliatory actions by other countries, though uncertainty, particularly about the impact of tariffs on China, remained.The loonie   was trading 1.2% higher at 1.4095 per U.S. dollar, or 70.95 U.S. cents, its biggest advance since January 20. The currency touched its strongest intraday level since Friday at 1.4076. Immediate resistance can be seen at 1.4213 (50%fib), an upside break can trigger rise towards 1.4266 (38.2%fib).On the downside, immediate support is seen at 1.4066(61.8%fib), a break below could take the pair towards 1.4400 (Psychological level)

 USD/JPY: The dollar   strengthened  against Japanese yen on Wednesday after President Donald Trump announced a 90-day pause on many new tariffs on trading partners, but escalated a confrontation with Beijing by hiking duties on Chinese goods. Trump said he had authorized a 90-day pause in "reciprocal" 10% tariffs but was also raising the tariff rate for China to 125%, effective immediately. The dollar had been weakening against its peers earlier in the session after Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday. The greenback rose 1.2% against the safe-haven yen   to 148.80, reversing losses in early session trade. Immediate resistance can be seen at 148.24(Daily high) an upside break can trigger rise towards 149.39(April2nd high). On the downside, immediate support is seen at 146.82(38.2%fib) a break below could take the pair towards 146.00(Psychological level).

Equities Recap

European shares fell further on Wednesday as China hiked tariffs on U.S. goods, while healthcare stocks led losses after President Trump warned of more tariffs targeting the sector.

UK's benchmark FTSE 100 closed down by  2.92 percent, Germany's Dax ended down by 3.00 percent, France’s CAC finished the day down by 3.34 percent.                                

The S&P 500 jumped 9.5% on Wednesday its biggest gain since 2008—after President Trump announced a 90-day tariff pause for many countries, easing investor concerns over U.S. trade policies.

Dow Jones closed up by 7.84 %percent, S&P 500 closed up  by 9.51% percent, Nasdaq settled down  by  12.16% percent.

Commodities Recap

Gold rose over 2% on Wednesday, heading for its best day since October 2023, as rising U.S.-China trade tensions and higher tariffs from President Trump drove safe-haven demand.

Spot gold was up 2.6% at $3,059.76 an ounce, as of 2:23 p.m. ET (1823 GMT), slightly paring gains from the near $3,100 high hit earlier in the session, after Trump announced a stay on tariffs for all countries except China.

Oil prices surged over 4% on Wednesday, rebounding from four-year lows, after President Trump announced higher tariffs on China but paused last week’s tariffs for most other countries.

Brent futures settled up $2.66, or 4.23%, to $65.48 a barrel. U.S. West Texas Intermediate crude futures closed $2.77, or 4.65%, higher at $62.35.