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Daily Global Market Update – 2nd April, 2025

Market Update: April 2, 2025

Global financial markets are navigating a landscape of caution and anticipation as investors brace for US President Donald Trump’s impending announcement on reciprocal tariffs. The uncertainty surrounding these tariffs is driving divergent performances across asset classes, with safe-haven assets like silver gaining momentum while risk-sensitive commodities such as oil face downward pressure.

Yen weakness against the US Dollar

The Yen is exhibiting weakness against the US Dollar, trading with a negative bias. This trend may be fueled by investors gravitating toward the USD as a safe haven or by concerns over the potential impact of tariffs on Japan’s export-driven economy. From a technical standpoint, USD/JPY is teetering in the 150.00 region.

NZD defies broader market caution

In contrast, the NZD is defying the broader market caution, advancing to a fresh weekly high around 0.5720-0.5728 against the USD. This resilience could be attributed to New Zealand’s strong economic fundamentals or its ties to commodity markets, which are experiencing mixed signals. The pair is nearing significant resistance at 0.5760; a decisive move above this level could pave the way for additional gains.

Safe haven silver

Silver rose to $33.85 on Wednesday, driven by safe-haven demand amid concerns over US President Donald Trump’s tariff plans, which could escalate the global trade war and slow the economy. Technical indicators, including support above the 100-day EMA and a 14-day RSI near 57.80, suggest a bullish trend with potential gains targeting $34.23 and the $34.60-$34.70 zone.

Oil edges up

WTI Oil edges up to around $70.95 in early Asian trading on Wednesday, lifted by supply concerns following Trump’s tariff threats against Russia and Iran. Geopolitical risks, including potential disruptions from tariffs on Russian oil and actions against Iran’s nuclear program, support prices. However, the upside is tempered by a 6.037 million barrel rise in US crude stockpiles last week and anticipation of Trump’s reciprocal tariffs announcement.

Broader Market Context

As the market awaits the details of Trump’s reciprocal tariffs, volatility is expected to remain elevated. Should the tariffs prove more aggressive than anticipated, safe-haven assets like silver and the USD could see further inflows, while riskier assets such as oil and commodity-linked currencies might face intensified selling pressure. On the other hand, if the tariffs are milder or include significant exemptions, risk appetite could rebound, potentially lifting oil prices and supporting currencies like the NZD.

In summary, today’s market dynamics underscore the pivotal role of the upcoming tariff announcement in shaping investor sentiment. Traders are advised to monitor key technical levels and remain agile in response to new developments.

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Moneta Markets is a trading name of Moneta Markets (Pty) Ltd, an authorised Financial Service Provider (“FSP”) registered and regulated by the Financial Sector Conduct Authority (“FSCA”) of South Africa under license number 47490 and located at 1 Hood Avenue, Rosebank, Johannesburg, Gauteng 2196, South Africa. Company Registration Number: 2016 / 063801 / 07. Contact Phone Number: +27 (10) 1429139. Operational Office: 31 First Avenue East, Parktown North, Gauteng, Johannesburg, 2193, South Africa.

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Mmonexia Ltd, facilitates payment services to the licensed and regulated entities within the Moneta Markets Organizational structure.

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