


~+ The sentiment is turning around - tariffs de-escalation talks, trade deals with major trading partners + COT + BOJ Bearish forward guidance ~+ US ec. news failure - USD shortly dipped on bearish Jobless Claims but quickly recovered and shot up on ISM PMI Mfg ~- USDJPY seasonals
+Seasonality (until the end of April) +COT ~- Latest bad UK PMIs (although JP CPI Miss as well)
+US Leading Index Miss +COT Bearish ~+General gloomy sentiment about tariffs, Fed's independence & trade talks with Japan ~-thin volumes after holidays
+ Trump paused tariffs for 90 days (ex.China) ~+ XAU is overextended against XAG
~+ Tariffs impact uncertainty + Seasonals ~- * Although gold tends to follow risk assets once the expected risk is realized. In this case, specific tariffs were announced, and further impact could be envisioned.
+ ISM Services Miss + Reciprocal Tariffs + COT - Seasonals
+ Tariff risks (USD as a safe haven) + Seasonality + USD COT
~+ EU CPI Beat - EUR COT - Seasonality - Tariffs risks
~+ Conciliatory messages from Trump on tariffs; Trump hinted at flexibility ("more targeted approach") + Seasonals - CAD COT
~+ Germany Services PMI Miss, UK Services PMI Beat (mixed with good Mfg PMI and good FR data) + Bearish eur COT + Seasonality
~+ Scott Bessent's "corrections are necessary" * Market structure on 1h is also very compelling
~+ Hopes about the German 500 bln euro spending bill * Buy limit
- Trump: "I'm not happy with EU" ~+ Trump: "period of transition" (recession fears) ~+ JP Labor union wage increase - COT ~- Ukraine peace talks optimism
~+ US CPI News Failure + Trump: "period of transition" (recession fears) + Trump: "I'm not happy with the EU." (tariffs) - COT ~- Ukraine peace talks optimism
~+ Covering positions before the CPI release ~+ Trump: "period of transition" (recession fears) ~+ JP Labor union wage increase - COT
~+Slight Miss in UK Serv. PMI , Slight Beat in Japan Serv.PMI ~+Seasonality GBPJPY - COT