• AUD/USD rallied hard overnight on false reports of 90-day pause on tariffs

• +3.3% from the 0.5933 low, AUD fell sharply as the reports were refuted

• Trade-war dominant; U.S. treasury yields surge; Stagflation risk grows

• Trump threatened to increase CN tariffs 50% in response to CN's retaliation

• EU flagged a suite of 25% counter-tariffs on targeted U.S. imports

• CN PPI/CPI, U.S. CPI due Thur may impact, data currently taking back-seat

• Overnight range 0.5946-0.6126 support 0.5930-35 0.5520, resistance 0.6125-30
AUDUSD 10 Minute Chart

(James Connell is a Reuters market analyst. The views expressed are his own.)