China won’t accept U.S. trade ‘blackmail’: state media – TRADE WAR CONTINUES.
Late on Friday, China’s finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, with the extra levies ranging from five to 25 percent on a total value of goods less than half of that proposed by U.S. President Donald Trump’s administration. The response follows the Trump administration’s proposal of a 25-percent tariff on $200 billion worth of Chinese imports. “China’s countermeasures are rational,” the Global Times, a tabloid run by the official People’s Daily, said in a commentary. “China will not rush to compete with U.S. numbers,” it said, echoing comments made by state television. Read More @ https://www.reuters.com/article/us-usa-trade-china/china-wont-accept-u-s-trade-blackmail-state-media-idUSKBN1KP04W
Kudlow says China’s currency fall is money leaving the country: ‘They’re going to be in a heap of trouble’
- Chief White House economic advisor Larry Kudlow said Friday that he believes that China’s economy is beginning to decline.
- “Some of the currency fall is money leaving China,” Kudlow said.
- Currency strategists, however, say that China does not want a currency war and has not tried to drive the yuan to now 14-month lows – Read More @ https://www.cnbc.com/2018/08/03/kudlow-says-chinas-currency-fall-is-money-leaving-the-country.html
UK trade minister Fox says EU is pushing Britain to no-deal Brexit
With less than eight months until Britain quits the EU, the government has yet to agree a divorce deal with Brussels and has stepped up planning for the possibility of leaving the bloc without any formal agreement. Read More @ https://www.reuters.com/article/us-britain-eu-fox/uk-trade-minister-fox-says-eu-is-pushing-britain-to-no-deal-brexit-idUSKBN1KP0QE
Canada ‘very keen’ on wrapping up year-old NAFTA talks
Talks to modernize the 1994 trade pact started in August 2017 but have dragged on much longer than expected as Canada and Mexico pushed back against far-reaching U.S. demands for reform. President Donald Trump has said he will walk away from NAFTA unless major changes are made. Read More @ https://www.reuters.com/article/us-usa-trade-canada/canada-very-keen-on-wrapping-up-year-old-nafta-talks-idUSKBN1KP0K8
WHAT IS THE USD SAYING?
USD is hungry for a breakout – is seating at the resistance almost 3 months – the question this week is – will the USD BREAKOUT. Be cautious as the market looking for fresh news and the Trade War is still on-going. Market can go any direction for now.
MONDAY NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.
- 2.00pm – German will release their factory orders – EUR focus.
- 4.30pm – EUR will release their Sentix Investor Confidence and is expected to be good.
The market will be quiet as most banks goes on Holiday – volatility is expected when the US market opens at 9.30pm – Hong Kong Time.
High Risk Investment Warning:
Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary.