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The US-China trade war escalates
Information is not investment advice
Good Friday, traders! Let's start with the updates from the US-China trade war's front. Yesterday, US President Donald Trump announced an additional 10% tariff on the remaining 300 billion dollars of goods and products since September 1. China, in its turn, said about countermeasures needed as a response to this unexpected move. As a result, the risk-weighted assets dropped significantly.
- The Australian dollar and the New Zealand dollar have seen huge moves to the downside. AUD/USD is currently trading at the lowest levels since January's flash crash.
- Safe-haven Japanese yen has strengthened. USD/JPY has been targeting support from June 25 at 106.76.
- USD/CNH has risen to the highest levels since last November. The pair is currently trading at 6.9718.
- Gold retested its recent highs at $1,448.
- As for exotic currency pairs, USD/MXN and the USD/ZAR jumped higher, while USD/BRL gapped up above the 50-day SMA since the start of today's trading session.
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The Canadian central bank will announce interest rates and make a speech on Wednesday, July 15, at 17:00 MT time. Also, the BOC press conference will be later at 18:15 MT time.
The market sentiment deteriorated amid fresh US-China tensions. Investors remain cautious as increasing virus cases may damage economic activity again.
Risk-on is back on the market. Riskier currencies and stocks are in favor. Gold is rising too as investors try to hedge.