| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 01:00 | New Zealand | ANZ Business Confidence | April | 57.5 | 50 | 49.3 |
| 01:30 | Australia | CPI, q/q | Quarter I | 0.2% | 0.8% | 0.9% |
| 01:30 | Australia | CPI, y/y | Quarter I | 2.4% | 2.3% | 2.4% |
| 01:30 | China | Manufacturing PMI | April | 50.5 | 49.9 | 49.0 |
| 01:30 | China | Non-Manufacturing PMI | April | 50.8 | 50.7 | 50.4 |
| 01:45 | China | Markit/Caixin Manufacturing PMI | April | 51.2 | 50.2 | 50.4 |
| 05:30 | France | GDP, q/q | Quarter I | -0.1% | 0.2% | 0.1% |
| 05:30 | France | GDP, Y/Y | Quarter I | 0.8% | 0.7% | 0.8% |
| 06:00 | Germany | Retail sales, real adjusted | March | 0.8% | -0.4% | -0.2% |
| 06:00 | Germany | Retail sales, real unadjusted, y/y | March | 4.3% | 3.2% | 2.2% |
| 06:00 | United Kingdom | Nationwide house price index | April | 0% | 0% | -0.6% |
| 06:00 | United Kingdom | Nationwide house price index, y/y | April | 3.9% | 4.1% | 3.4% |
| 06:45 | France | CPI, m/m | April | 0.2% | 0.3% | 0.5% |
| 06:45 | France | CPI, y/y | April | 0.8% | 0.8% | 0.8% |
During today's Asian trading, the US dollar consolidated against major currencies, but is on track for its weakest monthly performance since November 2022, as President Trump's shifting trade policies eroded investor confidence and boosted demand for the euro, yen, and Swiss franc.
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 0.01% to 99.22. Repeated reversals on tariff plans, especially those targeting auto imports, triggered global market volatility and drove investors away from the dollar and U.S. Treasury bonds. Recent efforts to ease tariff impacts, including incentives and international trade deals, have brought limited relief. Treasury Secretary Scott Bessent signaled progress on trade talks, particularly with India and South Korea. Still, concerns persist over economic damage, with economists warning of inflation, slower growth, and rising unemployment.
The euro rose over 5% in April, the franc over 7%, and the yen gained more than 5%. Meanwhile, U.S. economic data showed falling job openings and consumer confidence, with UPS announcing 20,000 job cuts and GM cutting its outlook. All eyes are now on upcoming GDP data for Q1 2025, expected to show minimal growth. A spike in imports widened the trade deficit, likely dragging GDP even lower.
Other currencies also gained: the Australian dollar rose 0.5% against the US dollar on the back of strong Australian inflation data. The CPI jumped 0.9% q/q in the three months to March 2025, above the expected 0.8% rise, marking the largest increase in three quarters, and up from 0.2% in Q4. Annual inflation rate held steady at 2.4% in Q1, unchanged from the previous quarter and above market expectations of 2.3%. Nevertheless, it remains the lowest level since Q1 2021. In addition, a key measure of core inflation still slowed enough to keep the door open to an interest rate cut next month.
The New Zealand dollar is up 4.4% this month, and the British pound gained 3.8%. In contrast, China’s yuan inched lower against the dollar on Wednesday and looked set to post a loss for the month as tariffs weighed on manufacturing, reviving calls for more stimulus.