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Trump is said to have ordered 200B worth of tariffs on Chinese goods. That's an escalation from previous 50B - 100B clips. Risk markets understandably don't like it, and have sold off. Yen is the preferred currency so far today. USD/JPY fell below 200 DMA and 110, to as low as 109.70. We'll see if we get any follow-through as European markets open.
al_dcdemo's Blog
AUD/USD sold, remains range-bound
U.S. president Trump continues the firing spree with the national security adviser getting sacked. Risk sensitive instruments didn't like it, extending their declines overnight. AUD/USD, for one, fell to as low as 0.7770 but found some demand at 100 DMA. 0.7750 is the support level to watch and the next one at 0.7650. Broken 200 DMA is the immediate resistance.
Bank of Japan on hold, North Korea to denuclearize
BOJ keeps monetary policy on hold. My guess is that, for now, they'll just proceed with small off-meeting tweaks (tightenings) and save regular meetings for any bold decisions (easings). What moved USD/JPY overnight was news of North Korea steps to commit to denuclearization and thawing of the relationship with the U.S. Trump is said to accept Kim's invitation for a meeting. It shouldn't be too much of a surprise if the two go on to become best friends after all.
The dollar rallies after Trump wins the U.S. election
Risk assets and the dollar sold off initially when it had became clearer and clearer that Donald Trump will be the next president of the United States. Traders were quick to buy the dip and the rally took off as the news was widely confirmed.
I expected at least one more day of selling but the price action seems logical. Markets are inherently optimistic while Trump presidency really isn't such big a deal. What we saw was the Fed trade returning with force, in my view.
I expected at least one more day of selling but the price action seems logical. Markets are inherently optimistic while Trump presidency really isn't such big a deal. What we saw was the Fed trade returning with force, in my view.