Asian Currencies React to Trump's Upcoming Tariffs

Asian currencies showed mixed movements as traders awaited U.S. President Donald Trump's announcement of new tariffs, dubbed 'Liberation Day', which is expected to impose levies on all imports and could significantly impact global trade dynamics. The Australian dollar gained slightly due to positive local economic data and the Reserve Bank of Australia's decision to maintain interest rates. Meanwhile, the Japanese yen experienced fluctuations as safe haven demand rose amidst fears over potential tariffs affecting Japan's export-driven economy. Broader market sentiment remains cautious, with analysts warning of recession risks amid escalating trade tensions and geopolitical uncertainties. Asian markets saw a slight recovery, but investor sentiment remains fragile, especially following Trump's threats of substantial tariffs on various imports. Gold prices surged to record highs as investors sought safe-haven assets amid the prevailing uncertainty.