Dear Reader,

Today's overview of economic news and market action: 

• The risk averse tone to investor sentiment carried over to the European session yesterday …
• Meantime, the trade-war continued to escalate between the US and China …
• However, the US announced a pause for 90-days on fully implementing the tariffs later in the day …
• The decision, sent equity markets soaring, with the S&P 500 up 9.5% …
• Currency-wise, the dollar benefitted from the decision to pause …
• EUR/USD opens today back below $1.10 …
• GBP/USD remains in the top half of $1.28-1.29 …
• EUR/GBP is operating in the bottom half of 85-86p …
• Today, US CPI inflation (March) is due …

All rates quoted are indicative market rates.

This week’s salvo of tariffs by the Trump administration raised the stakes for global trade partners, particularly those hit hardest in Asia and Europe. The EU tariff is to be set at 20%, with a carve out in some areas for now, such as semiconductors, lumber, and crucially for Ireland, pharmaceuticals.