The global financial markets are experiencing turbulence due to the tariff policies announced by US President Donald Trump. Gold prices (XAU/USD) have gained strength again, fueled by a surge in copper prices following the quicker than expected implementation of new tariffs. In contrast, the stock market is under pressure, with a decline in the Nasdaq index driven by fears regarding import tariffs on vehicles, which led to sell-offs in the technology sector. This uncertainty highlights the broad impact of trade policies on various asset classes, from commodities to equities.
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Gold prices have rebounded after a period of stabilization, marking an increase over two consecutive days. On Wednesday, gold prices (XAU/USD) edged up to around $3,035, shifting the weekly performance to a positive trajectory. This recovery is attributed to a significant rise in other metals, particularly copper, which reached record highs after President Trump announced that import tariffs on such commodities would be implemented within weeks. This announcement caught the market off guard and increased demand for safe-haven assets like gold.
In addition to economic factors, gold’s movement is also influenced by geopolitical dynamics, especially related to the ongoing conflict in Ukraine. Discussions regarding a ceasefire in the Black Sea are underway, with Ukrainian President Volodymyr Zelensky expressing readiness to comply with any agreement. With a positive sentiment starting to build, gold may gradually return to its all-time high of $3,057, driven by US tariff policies, volatility in metal markets, and continuing geopolitical tensions.
МАСЛО
Oil prices have remained resilient around $69.60 at the start of Thursday’s Asian trading session following a six-day rally. This increase is fueled by concerns over global supply, especially after President Trump threatened 25% tariffs on countries purchasing oil from Venezuela. The policy is set to take effect on April 2 and could tighten supply further.
Moreover, the Energy Information Administration (EIA) reported a decline in US crude oil stocks by 3.341 million barrels during the week ending March 21, which exceeded market expectations. With a combination of geopolitical factors and decreasing stocks, oil prices could potentially remain elevated.
EURUSD
EURUSD successfully rebounded in the Asian morning session today after facing pressure for six consecutive days due to trade war concerns between the US and the European Union. President Trump’s threats to impose wide-ranging tariffs, including a 25% tax on imported vehicles, have intensified market uncertainty. The European Union is also preparing to respond with a tariff package from the US, further damping risk sentiment and pushing EURUSD below 1.0750 for the first time since early March.
Despite the rebound, the pressure from trade tariff uncertainties still looms over the market. If negotiations between the US and EU fail to show positive progress, EURUSD may come under renewed pressure and continue its downward trend. However, if the market reacts positively to potential compromises or improved economic data from Europe, this currency pair could attempt to rise above the 1.0750 mark once again.
GBPUSD
GBPUSD closed Thursday’s trading session in the red, falling 0.36% to 1.2883, following weaker-than-expected inflation data from the UK. Headline inflation in February was recorded at 2.8% YoY, down from 3% in January. Core inflation also fell from 3.7% to 3.5%, below the anticipated 3.6%. This drop in inflation has fueled speculation that the Bank of England (BoE) may soon cut interest rates, although the central bank continues to convey a cautious stance on monetary policy.
Additionally, the impact of the Spring Budget announced by Chancellor Rachel Reeves has also pressured the Pound. A budget cut of £7 billion continues to uphold strict fiscal rules amid downgraded growth prospects. Meanwhile, stronger-than-expected Durable Goods data in the US has supported USD gains, putting additional pressure on GBPUSD. This combination of factors has led to further depreciation of the Pound against the US Dollar.
USDJPY
USDJPY faced selling pressure in today’s morning trading (March 27, 2025) due to profit-taking after a rally. In the previous trading session, the pair rose as the Yen weakened due to softer Japanese economic data. Japan’s Producer Price Index (PPI) fell to 3.0% YoY in February, indicating a slowdown in inflation and adding pressure to the Japanese currency.
Besides fundamental factors from Japan, positive sentiment in equity markets has lessened demand for the Yen as a safe-haven asset, strengthening the Dollar’s position. The buying of the US Dollar has also kept USDJPY above the mid-level of 150.00. However, discrepancies in policy expectations between the Bank of Japan (BoJ) and the Federal Reserve (Fed) may limit further gains, leaving the potential for a correction open.
НАСДАК
The Nasdaq index remains at low levels at the beginning of the Asian session due to declines in technology stocks spurred by concerns over the upcoming import tariffs on vehicles to be announced by President Trump. Market sentiment worsened after the White House confirmed its plans for new tariffs, prompting significant sell-offs across the technology sector.
Shares of Nvidia dropped nearly 6%, while other tech giants like Meta, Amazon, and Alphabet each fell by over 2%-3%. Tesla also faced a decline exceeding 5%. These tariff policy concerns are increasing market pressures, leading investors to exercise caution regarding technology stocks.
