Nike has dropped to lows unseen since November of 2020 as it faces a boycott in China over Xinjiang's cotton issues.
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.
Chinese stocks were pressed by the US plans to kick them off US stock exchanges. Alibaba has already plunged by 4% in pre-market hours.
While the financial data of McDonald's disappointed, sales jumped.
US retail sales will be out on Thursday, April 15, at 15:30 MT. It is a significant release for traders as it will impact the US dollar.
As the earnings season kicks in, JPMorgan is the first to impress us with the better-than-expected data!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.