The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
The tariffs are delayed
According to the US Trade Representative Robert Lighthizer, the additional tariffs on Chinese imports, which include cell phone and laptop computers, will be delayed until December 15.
The Chinese yuan has strengthened on the news and pulled USD/CNH below the 50-period SMA on H4. After the breakout, the next key level will lie at 6.9680. From the upside, the 7.0743 level will be in focus.
The closest Chinese trade partner, Australia, sees the rise of its domestic currency, too. The Australian dollar has strengthened against the USD and tested the 0.6805-0.6817 levels on H4. If the aussie overcomes this range, the next key level at 0.6857 will be in focus. If the bearish pressure increases and AUD/USD falls below the 50-period SMA, the pair will be vulnerable to the further fall to 0.6749.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Hong Kong stock index extended a decline sparked by China’s tech crackdown. Tesla posted better-than-expected results. Jump in!
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…