• Trades up 0.9% with the USD off 0.7% - markets melt as US tariffs begin

• Nikkei -4.45%, AsiaxJP -2.3%, E-mini S&P -2.5%, Stoxx 50 -4.2%, FTSE -3.2%

• Treasury yields surged, 10yr +20bp 4.460%, 30yr +25bp 4.962%

• This kind of volatility in Asia is highly unusual - massive risk unwind

• Charts - 21-day Bollinger bands expand, 5, 10, & 21-day moving averages rise

• Daily momentum studies climb - daily signals show a positive setup

• Last week's 1.1147 2025 top then 1.1214 September high are first resistance

• This week's 1.0880 base and Thursday's 1.0805 low are initial support
Andy

(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)