US fires next shot in China trade war
The US has ramped up its trade war with China, listing $200bn (£150bn) worth of additional products it plans to place tariffs on as soon as September. The move comes just days after the two countries imposed tit-for-tat tariffs of $34bn on each other’s goods. President Donald Trump had already threatened to impose additional tariffs against China if it retaliated. The list includes agricultural products, minerals and consumer goods such as handbags, among other items. The public will have until the end of August to comment on the list before the new tariffs – to be imposed at 10% – come into effect. Read More @ https://www.bbc.com/news/business-44788817
U.S. to slap tariffs on extra $200 billion of Chinese imports
Trump said last week the United States may ultimately impose tariffs on more than $500 billion worth of Chinese goods – roughly the total amount of U.S. imports from China last year. Administration officials said a two-month process would allow the public to comment on the proposed tariffs before the list is finalised. Read More @ https://www.reuters.com/article/us-usa-trade-china-tariffs/u-s-to-slap-tariffs-on-extra-200-billion-of-chinese-imports-idUSKBN1K0336?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29
Dollar strengthens against yen, EM rallies as trade fears wane
The U.S. dollar rose to near a six-month high against the safe-haven Japanese yen on Tuesday and emerging market currencies like the Mexican peso, Brazilian real and Russian rouble also rose as global economic momentum appeared so far unscathed by trade tensions, prompting investors to buy riskier assets. Read More @ https://uk.reuters.com/article/uk-global-forex/dollar-nears-six-month-high-against-yen-as-risk-appetite-returns-idUKKBN1K001O
WHAT IS THE USD INDEX SAYING?
USD stays put for now; more bad news ahead as China and US goes head-on for Trade Tariffs. JPY, GOLD & CHF moves to safe haven. Uptrend still in-tact for the USD till it breaks the support.
TODAYS NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES TODAY.
- 3.00pm – ECB Mario Draghi will speak – expect volatility for EURO.
- 8.30pm – US will release their PPI data – Source changed series calculation formula as of Feb 2014. Food and energy prices make up about 40% of overall PPI which tends to mute the importance of the Core data. Expected to be weak.
- 10.00pm – CANADA will go to action with Monetary policies – market expect BOC to raise rates; Massive movement will happen if they do not raise rates – if you are trading CAD be ready for massive volatility.
- 10.30pm – US will release their Crude Oil Inventories – expected to be weak – OIL will continue to rally.
- 11.15pm – BOC Press conference is where we will see more volatility for CAD as Poloz address the press. Expected to be Hawkish.
- 11.35pm – UK BOE – Mark Carney will speak and he is expected to be hawkish in his statement. GBP volatility expected.
Market is still fragile and currencies like, CHF, JPY & GOLD will all slowly move to safe haven. Be cautious and always keep money management as your number 1 priority.
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