| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 01:30 | China | PPI y/y | June | -3.3% | -3.2% | -3.6% |
| 01:30 | China | CPI y/y | June | -0.1% | 0.0% | 0.1% |
| 02:00 | New Zealand | RBNZ Interest Rate Decision | | 3.25% | 3.25% | 3.25% |
During today's Asian trading, the U.S. dollar surged to its highest level in over two weeks against the yen on Wednesday, buoyed by President Donald Trump’s escalating trade measures. After unveiling 25% tariffs on Japan and other partners, Trump pledged more announcements targeting “at least seven countries.” He also revealed plans for a 50% tariff on imported copper and signaled imminent duties on semiconductors and pharmaceuticals.
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 0.10% to 97.59.
Markets remain unsettled by the uncertainty. While Trump previously hinted deadlines might be extended if countries offered concessions, he toughened his stance this week, declaring “no extensions will be granted.” Analysts see the shifting tone as a negotiating tactic that has left investors in limbo.
Copper futures in the U.S. spiked over 10% to record highs, reflecting the metal’s strategic importance for electric vehicles and defense. However, prices fell in London and Shanghai as traders anticipated limited time to reroute shipments. Meanwhile, speculation around Japan’s political outlook and stalled talks over agricultural protections weighed on the yen. U.S. yields rose for a fifth straight session, further supporting the dollar, which hit 147.19 yen.
Since Trump’s sweeping “Liberation Day” tariff announcement in April, only Britain and Vietnam have finalized trade agreements. Talks continue with China and the EU, though further tariff letters could arrive within days. For now, markets are bracing for more volatility as the administration pushes ahead with its expansive tariff agenda.