ForexLive Asia-Pacific FX news wrap: Gold trades above US$3450

• Federal Reserve speakers Tuesday include Jefferson, Harker, Kashkari, Barkin, and Kugler
• Bank of England Deputy Governor Sarah Breeden speaks on Tuesdau – monetary policy
• Wall Street Journal says Trump Is Laying the Groundwork to Blame Powell for Any Downturn
• China’s automobile exports +16% y/y in Q1 2025
• ECB policymakers Klaas Knot and Luis de Guindos speak Tuesday
• Key Congress leader says every Treasury sale of debt is a ‘hold your breath’ moment
• PBOC sets USD/ CNY reference rate for today at 7.2074 (vs. estimate at 7.2925)
• The U.S. Securities and Exchange Commission (SEC) has a new ‘crypto friendly boss
• Tesla offers five-year zero interest financing on refreshed Model Y in China
• South Korea will implement smaller tax cuts on oil products from May
• Shanghai’s gold ATM draws crowds as prices soar
• Why you are hearing a lot, and will hear more, about bonded warehouses -Trump tariff whims
• ICYMI – China pulls back from U.S. private equity
• Japan economy min Akazawa confirms agriculture will not be compromised in US tariff talks
• Japan’s Finance Minister to meet with US Treas Sec Bessent to discuss FX matters
• Moody’s Zandi says Trump’s policies set to severely diminish the economy for years
• New Zealand data: March trade balance NZD 970mn surplus (prior +392mn NZD)
• Morgan Stanley says Trump’s erratic tariff policy has brought on COVID-level uncertainty
• Gold price up again, hits a record now above USD3430
• ICYMI – Ford suspends exports of several vehicles to China amid tariffs
• JP Morgan on the Trump risk to Federal Reserve independence
• South Korea March 2025 PPI +1.3% y/y (prior +1.5%)
• Big Tesla Tuesday coming up – Q1 2025 results due Tuesday, April 22
• ICYMI – BlackRock has purchased another US$84mn of Bitcoin for its spot Bitcoin ETF
• Major US indices close sharply lower
• ICYMI: Citigroup shifts Fed rate cut call to June, maintains 125 bps easing 2025 forecast
• Trade ideas thread – Tuesday, 22 April, insightful charts, technical analysis, ideas
• Pope Francis: A man who loved God, his neighbor and even his enemies
• Forexlive Americas FX news wrap: US dollar struggles to get off the floor

Gold
rose to another record high price in early trade here in Asia and
then kept adding higher throughout the morning. As I update its above
US$3452 USD3472 (I can’t keep up!). The catalysts are familiar:

• central
  banks buying as the reliability of the US and USD increasingly comes
  into question
• ETFs
  buyers
• geopolitical
  tension increasing
• and
  mix in shorts chasing their tails after trying to nail a top

News
and data flow was light.

US
equity index futures traded higher. The initial upmove came ahead of
an announcement from Tesla that its offering five-year zero interest
financing on its refreshed Model Y in China. TSLA earnings are due
Tuesday afternoon, US time. There is a preview linked in the points
above.

USD/JPY
is net little changed on the session after a run higher to above
141.10 and a retrace back under 140.65. EUR/USD did a round-trip
also, under 1.1485 before popping back to above 1.1510.

USD/CHF
and GBP/USD are higher.

AUD,
NZD, CAD are all not a lot changed.

This article was written by Eamonn Sheridan at www.forexlive.com.