Free Trial

The USD was the winner overnight as the.......>

FOREX: The USD was the winner overnight as the U.S. Trade Rep confirmed earlier
source reports, stating that "as a result of China's retaliation and failure to
change its practices, the President has ordered USTR to begin the process of
imposing tariffs of 10 percent on an additional $200 billion of Chinese imports.
This is an appropriate response under the authority of Section 301 to obtain the
elimination of China's harmful industrial policies. USTR will proceed with a
transparent and comprehensive public notice and comment process prior to the
imposition of final tariffs, as we have for previous tariffs." A MOFCOM official
has reiterated that China will take countermeasures against U.S. protectionist
policies. As a reminder Trump has previously noted the potential to apply
tariffs on upto $500bn worth of Chinese goods.
- USD/CNH had a brief look above 6.6900 but failed to test 6.7000. Elsewhere AUD
was the underperformer, with the JPY reluctant to add to its late NY gains &
USD/JPY last operating a touch higher than Asia-Pacific opening levels at
Y111.10. Focus now turns to today's BOC decision, U.S. PPI, and speeches from
Fed's Williams, ECB's Draghi, Villeroy, Praet & Mersch, as well as BOE's Carney.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.