The market in the morning will focus on AUD with the release of the Retails sales report and later in the evening will be UK Service PMI which will create a huge volatility if the number are weak.

Markets Today: A strong and stable Yuan, a less stable plan for Brexit

Overnight we saw US stocks fall and bond yields up, but the real action has been in China with a weakening of the Renminbi reportedly kept under control by lots of buying from state banks. Read More @ https://business.nab.com.au/markets-today-a-strong-and-stable-yuan-a-less-stable-plan-for-brexit-30370/

Fitch warns President Trump’s trade fight could cost the world $2 trillion in global trade

Fitch Ratings on Tuesday warned that rising tensions between the U.S. and its trading partners could lead to new measures with a greater impact on global growth with as much as $2 trillion in global trade in jeopardy if President Donald Trump remains on a trade warpath.

“The U.S. investigation into auto tariffs, possible additional U.S. tariffs on Chinese imports, and the likely reactions of other countries and blocs, point to a potential serious escalation, albeit with an impact that falls short of across-the-board tariffs imposed on all major trade flows,” Brian Coulton, chief economist at Fitch, said in a report. Read More @ https://www.marketwatch.com/story/fitch-warns-president-trumps-trade-fight-could-cost-the-world-2-trillion-in-global-trade-2018-07-03

WHAT IS THE USD INDEX SAYING?

The USD struggles at $95; more downside expected movement forward for the USD. Ascending Triangle are getting a little too tight for a break today or tomorrow. Friday NFP will determine the next move for the USD. Today July 4th is a holiday in the US and couple with the WORLD CUP volume has dropped up to 40% across the market.

TODAYS NEWS THAT MGHT AFFECT YOUR TECHNICAL TRADES.

  1. 9.30am – AUD will go to action with retail sales – expected to be good. Same time Trade Balance data will also be released – WE BUY AUD.
  2. 9.45am – CNY will go to action with China releasing their CAIXIN Services – It’s a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy. Time to BUY CNY.

  1. 3.15pm – 4.00pm – EURO, SPAIN, ITALY, GERMANY and FRANCE will release their service PMI expected to be good across the board. We have moved from SELL EUR to BUY EUR.
  2. 4.30pm – GBP will have a huge volatility as the market awaits the SERVICE PMI – expected to be no change, we believe otherwise – to be good. WE BUY GBP.

The market will range after 9pm as US goes for holiday. Be cautious and always put Money Management as your number 1 priority.

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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