The US-China trade war escalates

The US-China trade war escalates

Good Friday, traders! Let's start with the updates from the US-China trade war's front.  Yesterday, US President Donald Trump announced an additional 10% tariff on the remaining 300 billion dollars of goods and products since September 1. China, in its turn, said about countermeasures needed as a response to this unexpected move. As a result, the risk-weighted assets dropped significantly.

  • The Australian dollar and the New Zealand dollar have seen huge moves to the downside. AUD/USD is currently trading at the lowest levels since January's flash crash.
  • Safe-haven Japanese yen has strengthened. USD/JPY has been targeting support from June 25 at 106.76. 
  • USD/CNH has risen to the highest levels since last November. The pair is currently trading at 6.9718.
  • Gold retested its recent highs at $1,448.
  • As for exotic currency pairs, USD/MXN and the USD/ZAR jumped higher, while USD/BRL gapped up above the 50-day SMA since the start of today's trading session.

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