Argentina’s industrial output for February reported a year-on-year increase of 5.6%, down from the previous 7.1%.
In the currency markets, AUD/USD faced pressure below 0.6150 amid ongoing US-China trade tensions. USD/JPY fell under 147.00 due to similar pressures, pending the US CPI data. Gold prices remained near $3,100, supported by safe-haven demand linked to escalating trade conflicts.
The New Sec Chair
The Senate has approved Paul Atkins as the new SEC Chair, which may have a positive effect on the crypto market. China’s tariffs have seen a sharp increase of 104%, impacting currency reactions unevenly.
Argentina’s latest industrial data shows February output rose by 5.6% compared to the same month last year. That’s a slower pace than January’s revised 7.1% increase. The deceleration points to softer momentum in local manufacturing, likely reflecting lower export demand and tighter credit conditions, effects we’ve seen build for several months now. For those watching industrial activity tied to regional demand—particularly in Latin America—this may temper any assumptions of sustained strength through Q2.
Turning to FX, the Australian dollar continues to trade lower, slipping below the 0.6150 mark against the US dollar. The repricing stems from persisting trade tensions between Washington and Beijing. Movement here has been less about domestic data and more the result of shifting global terms of trade. That pattern may remain as long as tariffs and policy threats dominate headlines.
USD/JPY also lost ground, dipping under the 147.00 level. The slide appears linked to the same trade dynamics, though anticipation around the forthcoming US CPI figures is introducing its own weight. The Japanese yen has again displayed its sensitivity to changes in global risk appetite and US yield expectations. We’ve observed that currency pair repeatedly react swiftly to any perceived shift in monetary policy stance. There’s little room for error in positioning ahead of inflation prints, especially as uncertainty around forward guidance lingers.
Meanwhile, gold prices are holding firm just below $3,100. This continued support reflects how sensitive capital has become to broader geopolitical tensions. Demand has been steady from those looking to hedge exposures, particularly as the trade conflict broadens and monetary policy outlooks remain split. It’s notable that counter-cyclical assets like gold are attracting unseasonal flows—capital that would have otherwise cycled into treasuries or bank reserves now appears more drawn to physical assets.
Impact Of Tariff Changes
On the regulatory front, Atkins’ confirmation as SEC Chair marks a potential shift in oversight tone. While still fresh, his past policy leaning suggests a more accommodative stance toward digital markets. That expectation is quietly encouraging activity in tokens and some alternative asset products, especially those looking to test the boundaries of retail participation frameworks. The move may not yet be priced into implied volatility, and we should be watching how options volumes move in tandem with regulatory developments.
Lastly, China’s dramatic adjustment in tariff levels—rising by 104%—is yet another factor shaking up price action in the FX space. Not all currencies are responding equally, which reinforces the idea that bilateral trade flows are playing a larger role than broad risk dynamics. Some valuation gaps have opened across Asia-Pacific pairs, and that’s creating short-term opportunities wherever macro dislocations have pulled spot prices away from fundamental value. Any carry-related strategies need updating here, as funding costs and policy divergence now carry more pricing power than they have in months.
All told, next week’s volatility will likely be driven by a convergence of inflation data, changing political signals, and sharp rebalances in trade expectations.
