New tariffs kicked in yesterday as the US and China both implemented their previously announced measures. China opted to implement tariffs to only about one-third of the 5,000 goods on the list with the rest scheduled for December 15th 2019. The US has also delayed tariffs on plenty of consumer goods until that day in order to bridge the key shopping season in the US. Chinese manufacturing data for August surprised to the upside and expanded against expectations for a contraction. This helped keep the Australian Dollar, the top Chinese Yuan...
The Australian dollar fell to its 10-year low, mimicking the Japanese yen, which also fell to lows, as renewed hope that China and the United States will be able to return trade negotiations back on track.
Japanese economic data this morning came in mixed as retail sales disappointed with a bigger than expected contraction and vehicle production contracted in July. On the bright side, July industrial production rebounded as the jobless rate decreased and new construction orders surged. The Japanese Yen was able to advance slightly after the release of the data which kept the USDJPY hovering just below resistance levels. Will safe haven traders push the Japanese Yen higher heading into the weekend, filled with an uncertain speech by President Xi...
UK consumer confidence as well as as the Lloyds Business Barometer decreased further in August as Brexit is nearing and uncertainty over which type of Brexit will be delivered remains. The UK labor market remains strong and wage gains are at decade highs, economists expect that consumer borrowed at a stable rate as the housing market shows signs of a bottom. The British Pound has been drifting higher after bouncing off of support levels which pushed the GBPCAD into its next resistance level. Is bullish momentum strong enough for a breakout or...
New Zealand reported a duo of economic reports which showed that the economy cooled down further. After the central bank cut interest rates, forex traders try to determine if more cuts are on the horizon or what other measures will be deployed. The New Zealand economy is heavily dependent on commodity exports, mainly to China, as well as closely tied to the Australian economy. Australian economic data released this morning also showed a slower economy ahead. The NZDJPY is pressuring support levels, is a breakdown imminent or will the threat of...
