Markets are reversing some of yesterday's late-day USD rally as they digest mixed signals from the Trump administration on plans for China tariffs.
Treasury Secretary Scott Bessent cast doubt on a timely resolution to the US-China trade war, stating that the administration is looking at multiple factors beyond just tariffs—including non-tariff barriers and government subsidies.
Crude is relatively unchanged as investors weigh the prospect of more OPEC+ supply against the fallout from ongoing trade tensions between the US and China.
Gold jumped 1.4% and is now back up to $3,320.
The yield on 10-year Treasuries declined two basis points to 4.36%.
Crypto markets dipped:
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Bitcoin fell 1% to $92,746.20
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Ether fell 1.3% to $1,773.82
In the day ahead, key US data releases include Unemployment Claims, Durable Goods Orders, and Existing Home Sales.
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