ASIA-PAC FX UPDATE: DXY resumes its recent selling with President Trump said to be studying if removing Fed Chair Powell is an option

DXY: -0.9%

• Began the week heavily pressured in a resumption of the greenback's recent sell-off and amid headwinds from the Trump administration after White House Economic Adviser Hassett stated that President Trump is studying if removing Fed Chair Powell is an option. This benefitted the dollar's counterparts across the FX space including havens with USD/CHF dipping beneath the 0.8100 handle to print its lowest in a decade.

EUR/USD: +1.1%

• Rallied to above the 1.1500 level amid the dollar's demise and despite the quiet macro newsflow across the EU where markets are closed on Monday.

GBP/USD: +0.6%

• Regained a firm footing at the 1.3300 handle in thinned conditions due to the holiday closure in the world's largest FX trading hub, while it was reported that UK Chancellor Reeves pledged not to raise wealth taxes in the Autumn Budget.

USD/JPY: -1.0%

• Retreated to sub-141.00 territory amid the dollar weakness, firmer long-end yields in Japan and pressure in Japanese stocks, while Nomura recently cut its year-end USD/JPY forecast to 137.50 from 140.00.

Antipodeans: AUD/USD +0.3% / NZD/USD +0.7%

• Benefitted from the pressure in the greenback and despite the lack of fresh macro catalysts as market participants on both sides of the Tasman also observe holidays.

21 Apr 2025 - 04:27- ForexAsian Research- Source: Newsquawk