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7 Apr 2025

Treasurer Chalmers: Expect Australian GDP to take a hit due to Trump’s tariffs

Commenting on the impact of US President Donald Trump’s tariffs on Monday, Australian Treasurer Jim Chalmers said that he expected the economy to take a  hit.

Key quotes

"Fall in Australian Dollar (AUD) largely as a result of concerns about Chinese economy."

"Also reflects the  fact that markets are now expecting around four interest rate cuts in Australia this calendar year."

"Direct impact of tariffs on the Australian economy manageable."

"We expect big hits to us and Chinese growth.

"Expect Australian GDP to take a hit."

"Spoke to Reserve Bank of Australia (RBA) Governor Michele Bullock to compare notes on expectations."

Market reaction

Despite these discouraging comments, AUD/USD holds its recovery mode above 0.6000, still losing 0.33% on the day.

Apr 7, 2025

Japanese Yen trims a part of modest gains against USD; bullish potential seems intact

The Japanese Yen (JPY) kicks off the new week on a positive note as US President Donald Trump's sweeping reciprocal tariffs raise the risk of a global economic slowdown and continue to underpin traditional safe-haven assets.
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Apr 7, 2025

USD/CAD trades with positive bias around mid-1.4200s as Oil prices tumble to multi-year low

The USD/CAD pair attracts some follow-through buying for the second consecutive day on Monday and looks to build on last week's modest recovery from the 1.4030-1.4025 region or year-to-date low.
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