Forexlive Americas FX news wrap: ECB cuts rates and highlights downside risks

• ECB cuts key rates by 25 bps in April monetary policy decision, as expected
• ECB sources report: Decision to cut interest rates was unanimous
• ECB sources: Some members see a high chance of a June cut
• US initial jobless claims 215K vs 225K estimate
• US April Philly Fed business index -26.4 vs +2.0 expected
• Trump has spoken with Kevin Warsh about taking over the Fed Chair – WSJ
• Trump: China has reached out since tariffs
• Trump will sign executive order extending federal hiring freeze until July
• Trump: Federal Reserve Chairman will leave if I ask him to
• Lagarde: Downside risks have increased
• Lagarde Q&A: A number of governors a few weeks ago would have argued to skip a rate cut
• Trump trade deal with Japan is close – report
• Fed’s Williams: Does not see the need to change rates any time soon
• Pres. Trump: .Very confident of trade deal with the EU
• Atlanta GDPNow growth estimate for Q2 unchanged at -2.2%
• US March housing starts 1.324M vs 1.420M expected
• Baker Hughes oil rig count +1 to 481
• Italy’s economic minister to meet with US Treasury Secretary Bessent on Tuesday
• Anna Paulson is the new Philadelphia Fed Pres. effective July 1, 2025
• Israeli officials recently developed plans to attack Iranian nuclear sites in May

Markets:

• Gold down $15 to $3327
• S&P 500 +0.1%
• US 10-year yields up 5.4 bps to 4.33%
• WTI crude up $1.98 to $64.45

More to come

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