Asia FX Handover Trade Concerns Weighs On Sentiment

  • Trump woke markets up from their lull with a late-night Tweet, vowing to raise tariffs from 10% to 25% on $200bn of Chinese goods this Friday. Premier Liu cancelled his meeting in Washington this week with reports some officials had delayed their flights until Wednesday.
  • AUD led commodity currencies lower and are today’s weakest majors, whilst JPY received safe-haven inflows and saw USD/JPY plummet. The Renminbi gapped lower and sent USD/CNH to its highest level in Since January. WTI extended its slide and hit a 6-week low and now trades beneath its 200-day MA. Chinese equities led global indices lower, with the China A50 shedding -5.3%
  • On the data front, China’s Services PMI hit a 15-month high, AU job adverts fell -0.1% (-1.7% prior) whilst a measure of monthly inflation dipped to 0.2% (0.4%prior).

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