Market Commentary: Wednesday 2nd April

Liberation Day is here, and we are in a bit of a waiting period until this afternoon, with markets remaining delicately poised and little changed amid a quiet news flow. The S&P 500 sits more than 100 points below its 200-day moving average, XAU continues to test higher—currently still above $3,100—and the USD is hovering near its lows for the year.

The tariffs announced today are set to take immediate effect, so any surprises could ripple quickly through the markets. Retaliation over the coming days could escalate tensions further. China and the European Union—where the US has its largest trade deficits—have both signaled they will respond firmly to any measures perceived as severe.

Data-wise, we have ADP employment numbers due early this afternoon, ahead of Trump’s announcements later in the day.

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