News

IMF Managing Director Georgieva says biggest priority for global agenda is to resolve trade tensions

• IMF is reviewing how it conducts surveillance of countries’ economies, and designs conditionalities for lending programs

• IMF is looking at countries that have repeated lending programs, cites Argentina, Egypt and Pakistan

• IMF will be looking at role of fund and how it cooperates with other elements of the global financial safety net

• New global policy agenda will put more attention on structural reforms that are pro-growth, put private sector in driver’s seat

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The IMF is staring down the barrel of many, many EM economies coming to it for help as trade flows dry up due to Trump tariff polices. Hence Georgieva’s focus on resolving trade.

This article was written by Eamonn Sheridan at www.forexlive.com.

Via oilprice.com:

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Expectations I had seen centred on:

• Headline crude -0.8mn barrels
• Distillates 0.0mn bbls
• Gasoline -1.4 mn

This data point is from a privately-conducted survey by the American Petroleum Institute (API).

• It’s a survey of oil storage facilities and companies
• The official report is due Wednesday morning US time.

The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)

• Its based on data from the Department of Energy and other government agencies
• Whereas information on total crude oil storage levels and variations from the previous week’s levels are both provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, as well as other significant indicators of the status of the oil market, and storage levels for various grades of crude oil, such as light, medium, and heavy.
• the EIA report is held to be more accurate and comprehensive than the survey from the API

This article was written by Eamonn Sheridan at www.forexlive.com.

Argentex, in a London Stock Exchnage statement :

• said it had been “exposed to significant volatility in foreign exchange rates, particularly in relation to the rapid devaluing of the US Dollar against other major benchmark currencies which has been precipitated by the various recent announcements from President Trump regarding tariff policies and US government spending cuts”.
• “As a result, the company has experienced a rapid and significant impact on its near-term liquidity position, driven by, inter alia, margin calls linked to its FX [foreign exchange] forward and options books.

Here is the source for more.

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This is not just about exposure, but the lack of liquidity even when trying to reduce such exposure. Order book and interest liquidity dissipated due to the capriciousness-driven tariff volatility.

This is not normal reserve currency behaviour.

This article was written by Eamonn Sheridan at www.forexlive.com.

At 2200 GMT/1800 US Eastern time Federal Reserve Board Governor Adriana Kugler
speaks on “Transmission of Monetary Policy”.

It’s a light calendar otherwise, flash PMIs for April kick off from Australia and Japan.

This snapshot from the ForexLive economic data calendar, access it here.

The times in the left-most column are GMT.

The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.

This article was written by Eamonn Sheridan at www.forexlive.com.

Good morning, afternoon and evening all. Any charts, technical analysis, trade ideas, thoughts, views, ForexLive traders would like to share and discuss with fellow ForexLive traders, please do so:

This article was written by Eamonn Sheridan at www.forexlive.com.