US tariffs on Chinese imports take effect

Asia is bracing for the opening salvo in a tit-for-tat trade battle, with the US due to impose 25% tariffs on $34bn of Chinese goods on Friday. China is expected to match the move with a 25% levy on US goods to the same value on the same day. The tariffs would mark a significant escalation in the trade dispute between the world’s two biggest economies. The row has caused turbulence on the world’s stock markets and could hurt global trade and growth. Read More @https://www.bbc.com/news/business-44707253

Trump says U.S. tariffs on Chinese goods could exceed $500 billion

President Donald Trump said on Thursday the United States may ultimately impose tariffs on more than a half-trillion dollars’ worth of Chinese goods as the world’s two largest economies hurtled toward the start of a trade war. Read More @ https://www.reuters.com/article/us-usa-trade-china/trump-says-u-s-tariffs-on-chinese-goods-could-exceed-500-billion-idUSKBN1JV063?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29

U.S., China Prepare for Trade Battle – As midnight deadline looms, some say trade fight could stretch into next year

The U.S. and China were poised to slap levies on $34 billion of each other’s exports Friday, the first tangible shots in a trade battle both sides are preparing to keep fighting for months if not years longer.

WHAT IS THE USD INDEX SAYING?

USD is at standstill even as President Trump GO head with China Tariff – USD should go back to support and form a Ascending Triangle. NFP will give a clearer picture for the USD tonight.

TODAYS NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES TODAY.

  1. 1.00pm – Japan will release the leading indicators – Combined reading of 11 economic indicators related to employment, production, new orders, consumer confidence, housing, stock prices, money supply, and interest rate spreads – interesting to see the data.
  2. 2.00pm – German industrial Production – expected to be good.
  3. 3.00pm – France will release trade balance and is expected to be good.
  4. 8.30pm – Canada to see volatility tonight – we are buying CAD – EMPLOYMENT and  TRADE BALANCE data releases. expected to be good.
  5. 8.30pm – US will release their NFP & Average hourly earnings – expect to be no change or weak. We move from Buy to SELL USD.
The market is extremely cautious as US & CHINA goes head-on with Trade today. The market is watching what China next chess move. Maintain good money management at all times to prevent unnecessary losses.

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.

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