Trump announced a 10% baseline tariff on all imports, with higher rates for major trading partners, including 34% on China and 20% on the EU.

‘Risk’ was slammed lower, with yen and gold benefitting.

EUR/USD trade under 1.0820 and has now recovered to above 1.0910 as I post.

This is only going to be a taste of the volatility to come in the hours ahead as more of Asia comes on line and then Europe/UK trade responds. I’d be wary of further upside from here.

Updates:

• USD/JPY is around 147.90
• gold is around US$3164

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