From Marc Chandler at Bannockburn Global Forex:
Overview: After yesterday's wild gyrations, the foreign exchange market calm. US dollar losses seen as the tariffs on Mexico and Canada were postponed with what many observers see as minor concessions, though Canada is going to have a fentanyl czar have not been extended and a consolidative tone has emerged. The 10% tariffs om China were implemented but Beijing's response has been sufficiently restrained that it still appears to leave room for a deal down the road. Aside from the politics, the US quarterly refunding announcement is tomorrow and the market-sensitive jobs report, with the annual benchmark revisions, is Friday. The greenback is mostly firmer against the G10 currencies and more mixed against the emerging market currencies. Asia Pacific currencies are mostly firmer, while several central European currencies, the South African rand, and Mexican peso are slightly softer.
Asia Pacific equity markets bounced back today after yesterday's losses. Hong Kong' was up 2.8%, while the index of Chinese stocks that trade there was up 3.5%. India and South Korea are up more than 1%. Australia was an exception and slipped fractionally. Europe's Stoxx 600 is sporting a softer tone, as are US index futures. Benchmark 10-year yields in Europe are 2-5 bp higher and the US 10-year Treasury yield is up nearly two basis points to almost 4.58%. Gold is hovering slightly below the record set yesterday of almost $2831. March WTI is heavy, approaching last month's low (~$71.30). It is trading below the 200-day moving average (~$72.05), which it has not closed below since the end of December....
....MUCH MORE
