Most Asian currencies moved in a tight range on Wednesday, with the Chinese yuan trading sideways after weak business activity readings highlighted the impact of a bitter Sino-U.S. trade war. 

Oil prices tread water in Asian trade on Wednesday as uncertainty over U.S. trade policy and global economic growth kept traders negative on the outlook for demand, with weak Chinese manufacturing data adding to the mix. 

China’s factory activity likely contracted in April, a Reuters poll showed on Tuesday, as Donald Trump’s "Liberation Day" package of tariffs brought a sudden halt to two months of recovery.

TD Cowen analysts highlighted significant decreases in shipping volumes at U.S. ports during a critical import season. According to Jason Seidl of TD Cowen, ocean freight data from Asia to the U.S. has seen a steep drop, with volumes down by 30% on the West Coast and 12% on the East Coast. The decline is attributed to several major retailers halting the shipment of non-essential items from China temporarily, due to the ongoing tariff paralysis which continues to impact the transportation sector and the broader economy negatively.

Most Asian stock markets advanced on Tuesday, led by gains in automakers after the U.S. moved to soften the impact of auto tariffs, while mainland Chinese stocks ticked down as Beijing held off from announcing fresh stimulus measures.