17/04/2025 Daily Reports
U.S. Futures Steady After Tech Selloff as Trade and Fed Worries Linger
U.S. stock futures stabilized on Thursday following a sharp tech-led selloff the day before, as investors continued to digest rising trade tensions and cautious remarks from Federal Reserve Chair Jerome Powell.
On Wednesday, the Dow fell 1.73%, the S&P 500 dropped 2.24%, and the Nasdaq tumbled 3.07%, led by heavy losses in the semiconductor sector. Nvidia plunged 6.9% after announcing a $5.5 billion charge related to new U.S. export restrictions on AI chips to China, while AMD, ASML, and Micron Technology also posted steep declines amid cost concerns and weakening demand.
Chair Powell’s warning that escalating tariffs could worsen inflation and hurt growth added to market anxiety, especially as he offered little guidance on future interest rate moves. The uncertainty around trade policy and monetary direction continues to weigh heavily on investor sentiment.
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Currency Crossroads: Dollar Slips While Euro and Yen Rally
USD Set for 4th Consecutive Weekly Loss:
Ongoing tariff tensions and investor skepticism toward U.S. economic stability have weighed heavily on the greenback.
Swiss Franc Shines:
With an 8% surge since April 2, the CHF is testing decade highs at 0.81 per USD – the strongest among G10 currencies.
Euro on a Streak:
Despite a potential ECB rate cut, the euro is poised for its fourth weekly gain, hovering around $1.1373.
Yen Touches 7-Month High:
USD/JPY briefly fell to 141.62 before rebounding above 142, as Japan’s economy minister clarified that FX wasn’t discussed during US-Japan trade talks.
Dollar Index Dips:
The DXY sits at 99.5, marking another week in the red.
Strong U.S. Retail Sales vs. Dollar Weakness:
Despite the strongest retail data in over two years and no imminent Fed cuts, selling pressure on the dollar remains.
Citi’s Perspective:
“We’re not seeing real de-dollarisation, but the global portfolio is overweight U.S. assets,” says Citi, predicting the euro could reach $1.20 within 6–12 months.
Kiwi & Aussie Watch
NZD breaks out of its range post-inflation data. AUD flirts with breakout, waiting on employment figures.
Pound Pauses
GBP holds at $1.3216 after softer UK inflation surprises markets.
What’s Next?
The markets are clearly recalibrating around geopolitical uncertainty and shifting central bank paths. As dollar momentum falters, smart positioning in alternative majors could present golden opportunities in Q2 2025.
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- China signaled its willingness to engage in trade discussions with the United States on Wednesday, though it outlined specific conditions for progress. Beijing emphasized the need for greater “respect” from the Trump administration and called for the appointment of a designated negotiator. The remarks come amid escalating concerns over the intensifying trade conflict between the world’s two largest economies.
- That same day, ASML unsettled investors by reporting weaker-than-expected orders and stating it is not yet able to fully evaluate the impact of newly imposed U.S. tariffs. One day earlier, Nvidia announced it had been prohibited from selling its H20 chip to China. Together, these developments illustrate the tangible effects of the trade dispute on global technology firms and underscore the broader implications for China’s technological ambitions.
