Yen and Swiss franc continue to trade as the stronger ones on risk aversion. Asian markets are mostly down, with Nikkei losing -0.4% right now. China market is an exception with Shanghai Composite up 0.17%, supported by PBoC’s cut in RRR. USD/JPY’s break of 109.54 minor support now open the way for deeper fall back to 108.10 near term support level.
Concerns of global trade war is a factor driving stocks down. Trump stepped up his rhetoric as he is now pushing all countries to remove “artificial trade barriers and tariffs”. Or, he warned of “more than reciprocity by the USA”.
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This was a follow up to his warning to EU on Friday that 20% tariffs could be imposed to their cars. That’s a response to EU’s retaliation to US steel and aluminum tariffs.
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There’s an old saying “don’t listen to what people say, watch what they do”. Right now, Trump is piling up the barriers, rather than breaking them down as he claims he pushes for.
