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Trade war U.S china | The U.S announced$50 billion worth of tariff on chinese imports and also aimed to penalized some Chinese companies for intellectual property theft. On the other hand Chinese counterpart is also ready to reply with counter tariff, the investors took this clear and cut tone of threatening each other with so called “trade war”. Major currency pairs dropped after press statement ,held by both countries officials. The huge sell off in usd/jpy pushed the pair down to 104.80 level.
The bank of england left its monetary policy and interest unchanged . The mpc members voted 7-2 in favor of interest rate decision Sterling jumped to 1.42 but did not hold that level and took a sharp reversal after forming a pin bar. The pair is now trading just below 1.41oo. Part of the reversal can ve the attributed to the lack of major changes in the monetary policy statement – the BOE wants limited , gradual rate hikes as inflation and growth remain in line with February forecasts. They also felt that protectionism and brexit remain serious risks for the UK economy.
While a further correction is likely, buyers could swoop in between 1.3950 and 1.40 as the BOE should be the next major central bank to raise interest rates U.K retail sales was also strong, reinforcing the underlying health of the economy.
Eurozone continues losing strength but it did not help the bears to take over EUR/USD .Both Germany and France reported lower manufacturing and services sector PMI reading that led to weakness in the EuroZone composite PMI. ALthough the German IFO business climate index beat expectations, both the current and expectations component of the report fell from the previous month.
While all the commodities currencies were on recovery mode except Australian dollar , which lose almost 1 % value to its major counterparts. The canadian dollar took advantage from ease of nafta talks but it close low at the end of today’s trading session because of drop in crude oil prices. The Kiwi remain unchanged.
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