Market Commentary: Monday 14th April

Equity futures across the globe have advanced, alongside Asian stocks rallying this morning, after Trump temporarily paused import duties on consumer electronics in a slight backpedal. The rhetoric from Trump remained strong, as the move was downplayed as a procedural step rather than a signal of longer-term change.

USD weakness continues and is expected to persist, with concerns mounting over the impact of ongoing uncertainty on consumption and the labour market. The 6% drop in the DXY since the start of the year has materially improved the attractiveness of US exports.

After a period of weakness, Bitcoin is now testing resistance at the 50-day moving average. Gold (XAU) is also continuing its upward trend—after opening lower on improved risk sentiment, a morning surge took it to new highs of $3,245, as its status as a haven asset continues to provide support.

Across the G7, we have a couple of central bank meetings this week. The first is in Canada on Wednesday, where rates are expected to be held steady. Eyes will be on Tuesday’s CPI print for any potential shift in tone. Then on Thursday, we have the ECB, where a 25bps hike is heavily priced in. Additional CPI data on Tuesday and Wednesday will help shape expectations ahead of the meeting.

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