Weekly Focus - Promising Macro Data Drowns in Trade War Chaos - Action Forex

Yesterday (April 4), stock markets in Asia and Europe continued to sink in red, extending the global sell-off due to the impact of a series of tariffs announced by President Trump during the event called "Liberation Day" on April 2, according to AFP.

Weekly Focus - Promising Macro Data Drowns in Trade War Chaos - Action Forex

Liberation Day was the dominant theme in markets and the key driver this week. The escalation of the trade war turned out to be more extensive than what was expected by most analysts and priced in by investors. As a result, global equities nosedived with the US deepest in red, yields declined and oil prices took a big hit, not just from the perspectives of a demand shock but also more supply as OPEC+ announced an output hike in May.