Entering into US session, Dollar is trading as the strongest one as US-World trade war comes back to spotlight. Yen follows as the second strongest as major global equities lose ground, except UK. Australian Dollar reversed job data inspired gains and is trading as the second weakest, following New Zealand Dollar, on risk aversion. Sterling is the third weakest after retail sales disappointment. Also, not that the China Yuan is also extending recent decline on trade tension, with USD/CNH (Chinese Yuan offshore) hitting one year high.
In other markets, Nikkei closed slightly down by -0.13% today, Hong Kong HSI closed down -0.38%. China Shanghai SSE composite closed down -0.53% at 2772.55. At the time of writing, DAX and CA are down -0.43% and -0.49% respectively. FTSE is support by selloff in the British Pound and is up 0.16%. WTI crude oil is stabilizing above 68, at 68.2 now.
Spot gold drops through 1220 handle to as low as 1215 so far. It’s on course for 1205.02 support as near term target. But in the end, we’d expect at least a take on 61.8% retracement of 1046.54 to 1375.15 at 1172.06 at least.
