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Still In A Bear Cycle

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Summary: USDBRL Extends Losses To Near 2%

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Needle Still Points North

US TSYS

Focus on Midweek BoC, ECB Policy Announcements

FOREX

EUR Crosses Come Under Pressure As ECB Beckons

Repeats Story Initially Transmitted at 09:26 GMT Jul 6/05:26 EST Jul 6
     BEIJING (MNI) - Following the imposition of US tariffs on $34 billion worth
of Chinese imports on Friday morning, China immediately responded with levies on
an equivalent value of US goods, China's Ministry of Foreign Affairs (MFA)
confirmed Friday.
     "When our legitimate interests are unfairly treated, without question we
will fight back," Lu Kang, MFA spokesman, said at a press briefing in Beijing.
     China hoped that trade conflicts with the U.S. would not escalate into an
all-out trade war -- which would benefit no one -- Lu stressed. Bullying and
threatening will lead nowhere, he added.
     While criticising the U.S. action for being "unilateral" and "unfair," Lu
said that the two countries have been in communication regarding various issues
of mutual interest. However, he did not directly respond to a reporter's enquiry
as to when Chinese President Xi Jinping and U.S. President Donald Trump last
spoke to each other.
     "China's position regarding trade is clear and consistent," Lu asserted.
"U.S. officials have been aware of our position."
     "We hope the other party have an objective understanding of globalization
and the issues arising from globalization," Lu added. "We hope the related
issues will be resolved reasonably and properly."
--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com
--MNI London Bureau; +44 207-862-7489; email: ukeditorial@marketnews.com