China warns U.S. it will defend own trade interests
The call between Mnuchin and Liu, a confidante of President Xi Jinping, was the highest-level contact between the two governments since U.S. President Donald Trump announced plans for tariffs on up to $60 billion of Chinese goods on Thursday. The deepening rift has sent a chill through financial markets and the corporate world as investors predicted dire consequences for the global economy should trade barriers start going up. Read More @ https://www.reuters.com/article/us-usa-trade-china/china-warns-u-s-it-will-defend-own-trade-interests-idUSKBN1H004S?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29
Dow drops more than 400 points into correction, posts worst week since Jan. 2016 – the beginning of the worst.
- The major averages posted their biggest weekly loss since January 2016.
- The Dow and S&P 500 dropped 5.7 percent and 5.9 percent this week, respectively, while the Nasdaq pulled back 6.5 percent.
- “The market has been priced for perfection … and that leaves the market vulnerable to surprises. In this case, it’s trade,” notes one strategist. Read More @ https://www.cnbc.com/2018/03/23/us-stock-markets-set-for-a-sharp-fall-at-the-open-amid-trade-war-fears.html
Strong Reactions to U.S. Trade Moves – USD VS CNH THIS WEEK.
Politicians, officials and analysts around the world have had strong responses to the increasingly protectionist moves taken by the United States.
The White House, engaged in a trade dispute with China, has announced exemptions to steel and aluminum tariffs for several allies, including the European Union, and is marginalizing the World Trade Organization. Below is a selection of notable reactions to the protectionist moves.
“If attacked, we will respond without weakness. Everyone needs to understand this, and I think I can say that the American strategy is a bad strategy. … We talk about everything, in principle, with a friendly country that respects the rules of the W.T.O. We talk about nothing, in principle, when it is with a gun to our head.”
Emmanuel Macron, France’s president.
WHAT IS THE TECHNICAL CHARTS ARE SAYING?
VIEWS FOR MARKET OPENING – BE ready for GAPS across the board for the USD – the beginning of a nightmare.
NEWS THAT MIGHT AFFECT YOU ON MONDAY.
- Quiet Monday? – we don’t think so as the “PETROYUAN” goes to action; USD will go under tremendous pressure!! We focus on selling USDCNH. Be real for GAP across the board.
- 5.45am – New Zealand will release their trade balance and is expected to be good.
- 4.30pm – UK will release High Street Lending and is expected lower then last month – we continue to BUY GBP if there is a PULLBACK.
- 5.30pm – expect some good volatility as Weidmann speaks – we expect him to be hawkish – we maintain BUY EURO.
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