Wed, Mar 29, 2023 @ 12:26 GMT
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Into US session: Dollar and Yen strong as trade risks weigh down global stocks

Heading into US session, Dollar continues to lead the way higher, followed by Yen. Australian Dollar and New Zealand Dollar are taking turns to be the weakest. But Canadian Dollar is supported by resilience in oil price, as WIT regains 74 handle.

Risk aversion is back in the market, started from Asia where China’s SSE dropped -2.52%, leading others lower. Nikkei also lost -2.21%. European indices followed and open sharply lower initially. German DAX dipped to as low as 12132.72 but is now back at 12270, just down -0.3%. FTSE, on the other hand, is down -1%, pressing 7550. CAC is also down -0.85%.

Based on the actions in DAX, German Chancellor Angel Merkel’s problem with her own coalition seems to be not too bothered by the market. Instead, it’s likely the worries on trade war that’s weighing down on sentiments. In particular, Europeans could be feeling quite upset as Trump said the EU is “as bad as China, just smaller”.

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