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On Monday, South Korea's trade minister told that Seoul had complained to the World Trade Organization about China's recent retaliation against South Korean companies over the deployment of an American anti-missile defense system in the South.
The South Korean government notified the WTO that China might be in violation of certain trade agreements.
The issue was actually raised with the WTO's Council for Trade in Services on Friday right after China dared to impose restrictions on a series of South Korean companies in the tourism as well as distribution sectors.
A trade ministry official, who asked not to be identified due to the sensitivity of the matter, told that the complaint couldn’t be categorized as legal action. It was rather a request for the World Trade Organization to look into whether China was upholding trade agreements fairly enough or not.
Meanwhile, in Beijing, Hua Chunying, Chinese Foreign Ministry spokeswoman refused to comment directly on the WTO complaint.
Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
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