Free Trial

Trade war headlines dominated on Wednesday,...>

FOREX
FOREX: Trade war headlines dominated on Wednesday, as China outlined its
proposed retaliation to US tariffs. A choppy risk-off European morning session
spilled over into NY with US equity futures deep in negative territory.
- The JPY drew support from the risk-off theme as markets witnessed sharp falls
in EUR, GBP, AUD, CAD & NZD. USDJPY twice tried to break 106.00, but failed,
with the USD largely ignoring a suite of domestic economic releases.
- US equities steadily improved as the trade war tone softened, and managed to
lodge impressive gains given the heavy start.
- JPY crosses pared their earlier losses & moved into positive territory as
equities rebounded, which leant support to the reminder of the majors vs. USD
ex. EUR.
- NZDUSD took out the key double-top resistance at 0.7305 & USDCAD moved back
below 1.2800 on a more constructive tone re: NAFTA negotiations.
- Eurozone & UK Services PMIs, Eurozone retail sales & a speech from Fed voter
Bostic headline on Thursday. As a reminder Hong Kong & China are closed on
Thursday as they observe a national holiday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

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.