BRAZIL: Wolney Queiroz Appointed New Social Security Minister

AUDUSD jumped to 0.6341, above initial resistance at 0.6331, from 0.6290 when US President Trump announced a universal 10% tariff on US imports and reiterated 25% on imported autos, as this was better than the 20% feared. It then reversed those gains when reciprocal tariffs were announced and fell to 0.6258, above initial support at 0.6219, and is now around 0.6298, close to before the announcement. The USD index sank but is now down only slightly.

• Reciprocal tariffs will be half of what the US faces including non-monetary measures and includes 34% on China, 24% on Japan and 20% on the EU. Australia will face the minimum universal 10%, in line with what Australia taxes US goods according to Treasury calculations, with a possible ban on fresh beef in a tit-for-tat move.
• The yen weakened and then strengthened with AUDJPY rising to around 95.31 and then falling to 93.53. It is currently at 94.06.
• AUDEUR fell to 0.5783 and is now at 0.5804 to be down 0.3% on the day. AUDGBP dropped to 0.4823 and is currently at 0.4840. The UK also will face a 10% US tariff as will NZ. AUDNZD fell to 1.0945 but has recovered to 1.0970 to be down 0.4%.
• The S&P e-mini was up 0.5% on the 10% universal tariff news but is now down 1.6%. WTI rose to $72.28 but has fallen to $70.67. Copper jumped to be up 1.6% on the day but is now down 0.3%. Gold initially fell to $3105.23 but has recovered to $3134.76 to be 0.6% higher.
• Today Q1 job vacancies and February trade data are released, as well as the final March composite/services PMIs. The RBA’s Financial Stability Review is also published.

White House releases an image of the full reciprocal tariff table: again, Canada and Mexico not mentioned