Morning of April 4: Central exchange rate increased for the third consecutive session

The greenback struggled to regain ground while the safe-haven yen hovered near a six-month peak, as traders assessed the fallout from US President Donald Trump’s sweeping new tariffs.

The dollar hovered near six-month lows against the euro and sterling, after falling 1.9% on Thursday - its worst day since November 2022.

Investors are now focusing on the US payrolls report for March, due later in the day, for clues on the health of the US economy and the possibility of the US Federal Reserve easing policy.

Donald Trump's tariff announcement sets a base tax of 10% on all imports, regardless of origin. Additional tariffs will apply to countries with a trade surplus with the US: China will be taxed at 34%, Japan at 24%, European Union countries at 20%... This has shocked the market. Global stocks have plummeted, investors have poured into bonds and gold, pushing the Japanese yen to near a six-month high.

The yen is currently trading at 146.09 yen per dollar, down 0.02%.

“Uncertainty is the key word in 2025. Despite the willingness of US President Donald Trump and Treasury Secretary Scott Bessent to negotiate, the market’s doubts are growing, leading to a loss of confidence in holding the US dollar,” said Chris Weston, head of research at Pepperstone.

The euro rose 0.09% to $1.1062, after hitting $1.1147 on Thursday - its highest since September 30, 2024.

The pound fell 0.1% to $1.3087 per GBP, not far from a peak of $1.3207 hit in the previous session - its strongest since Oct. 3, 2024.

Both the EU and China have vowed to retaliate with tariffs, raising the risk of a full-blown trade war. The offshore yuan fell 0.13% to 7.2686 per dollar, after rising 0.7% on Thursday to a two-month high, despite a holiday in China.

The yield on the benchmark 2-year Treasury note fell 6 basis points to 3.6611%, after falling 18 basis points on Thursday, reflecting expectations of a rate cut by the Fed. The market is pricing in four 25 basis point rate cuts in June, July, October and December as concerns about stagflation mount.

Economists estimate the US economy added 135,000 jobs in March, down from 151,000 the previous month, and a speech by Fed Chairman Jerome Powell on the economic outlook after the report is released will be the focus of market attention.

The Australian dollar fell 0.95% to $0.6269. Similarly, the New Zealand dollar fell 1.04% to $0.5736 due to risk-off sentiment.

The dollar has weakened this year as initial expectations of Trump's growth policies turned to concerns about the negative impact of tariffs.

Source: https://thoibaonganhang.vn/sang-44-ty-gia-trung-tam-tang-phien-thu-ba-lien-tiep-162263.html