A week of intense volatility came to a close Friday, with gains on US stock markets, looking to recover the lost ground from ’Liberation Day’. The massive losses sustained by global bourse, following the imposition of global tariffs by the Trump administration, is quickly being recuperated. The relief by suspension of tariffs, to all but China, triggered the surge in confidence and signalled one of the biggest days of gains in US stock market history. The focus is now on China and the pressure is immense. China has retaliated, but we are likely seek a compromise, to enable the new-normal global trade to begin. US bond yields remain high and the US Dollar is under pressure, with the EUR blasting through 1.1400, while the GBP surged above 1.3100. The GBP was boosted by stronger than expected GDP growth data, but both currencies settled lower at the close.The fall in the reserve bolstered the performance of commodity currencies, with the AUD looking to regain 0.6300, while the NZD consolidates above 0.5800. This coming week will likely see continued volatility, with economic data releases taking a back seat, to the global trade conversation. Chinese actions will be the market focus in a trade shortened week, due to Easter Holiday celebrations.
