Jap Yen & Swiss Franc Upward push After China’s Switch Threat – US Market Beginning
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MARKET DEVELOPMENT –Global Equities on the Backfoot following China’s Switch Threat
DailyFX Q22019FXShopping and selling Forecasts
Equities: European equity markets and US equity futures were pressured for the length of the morning session after China threatened to put an export ban of uncommon earth offers. As such, with the trade war tensions showing diminutive signs of easing, pain off trade has dominated monetary markets with world bond yields moreover dropping to multi-year lows, whereas the safe-haven JPY and CHF occupy outperformed within the FX space. Alongside this, equity markets noticed renewed selling after the US Secretary of Tell, Pompeo, accepted that there could well per chance or could well per chance no longer be a trade deal with China, additional heightening concerns that failure to reach a deal raises the probability of a recession.
Low Oil: Brent and WTI coarse futures are back on the defensive, posting losses of over 2%. In consequence, this has considered Brent coarse make a ruin below its 200DMA following the lumber through $69/bbl. In flip, commodity linked currencies were on the backfoot with the NOK the distinguished underperformer all over significant G10 currencies.
Source: DailyFX, Thomson Reuters
DailyFX Financial Calendar:– North American Releases
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— Written by Justin McQueen, Market Analyst
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