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The US Dollar Index (DXY) is under pressure on Wednesday, seen around the 99.50 zone as risk aversion keeps investors tilted toward safe-haven assets like Gold.

The US Treasury Secretary Scott Bessent posted in X.com that the Trump administration will apply maximum pressure on Iran to disrupt the regime’s oil supply chain and exports, due to the country’s supporting terrorist proxies and partners.

The wheels are coming off the equity market with the S&P 500 down nearly 3% and the Nasdaq down 4.2%. The market was evidently looking for a nod to rate cuts from Powell and it didn’t come.

Now we’re getting some serious kicking and screaming. USD/JPY has broken the 2025 low and is trading at the worst levels since October as stops are hit in a quick, 70 pip move.

This chart is very much looking like it wants to test 140.00 again and if we don’t get some good news on the earnings front, the Nasdaq is likely to test its lows as well.

This article was written by Adam Button at www.forexlive.com.

Argentina Trade Balance (MoM) registered at $323M, below expectations ($800M) in March

President Trump’s announcement of a 90-day pause to ‘reciprocal but not really reciprocal’ tariffs led to one of the all-time great Nasdaq rallies as the index soared 10%.

The day afterwards it gave a big chunk back before embarking on a fresh effort to make new highs following a weekend suspension of electronics tariffs. However the administration attempted to walk that back and it’s now looking more like a double top at 17,200.

The Nasdaq Composite is down 3.9% today and trading at session lows. It didn’t get any help from Nvidia’s disclosure that it faces new restrictions on China chip sales in yet-another sign of chaotic policymaking. Shares of NVDA are down 10%.

This article was written by Adam Button at www.forexlive.com.