Published: 2025-04-21T19:53:01.000Z
North American Summary and Highlights 21 April
Senior Economist , North America
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Overview - The USD was generally weaker as Trump continued to fuel fears over Fed independence.
North American session
The USD fell by around 1% across the board in Asia and Europe, due to fears of Trump undermining Fed independence given his attacks of Chainman Powell. Trump fuelled these fears with remarks in the North American morning, calling for Fed easing and insulting Powell. This saw equities fall sharply and the UST curve steepen. FX movements were however relatively modest, USD/JPY stable a little above 140.50 and EUR/USD finding support after a dip below 1.15 after peaking at 1.1573. USD/CAD recovered from earlier losses, erasing a move below 1.38.