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US-China trade woes heat up risk

US-China trade woes heat up risk

US-China trade woes heat up risk

Forex experienced cautious sentiment today, as risk preference got worse in Wednesday’s Asian trading as a result of US-China trade dispute on the recent announcements that the US may blacklist about 5 Chinese surveillance firms. However, Huawei’s reprieve overshadowed the optimism fueled news. USD/JPY returned back to 110.50 level as bulls retained control as a flight to safety. Regardless, the weak Japanese data on exports and dovish statements from the BOJ board members bring limited downside risk.

We saw defensive trading of antipodeans as a consequence to softer risk and dismal fundamentals tones. As Westpac Leading Index and Australian Construction Output data were published the AUD/USD quote offered newar 0.6880 levels. Additionally, in conjunction with the Aussie and mixed retail sales data or the downward trend in oil prices, the Kiwi inched up the 0.6500 support. The crude price went down as a result of rising US oil supplies and Saudi comments diversifying its portfolio with LNG. The Canadian Dollar wavered in a narrow range about the 1.35 levels despite the lowered price of oil. In addition to other commodities, Comex the gold futures traded humbly flat at 1275 and all attention now remains on the Fed minutes for new direction on Thursday.

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