Forex Marketz Daily Forex News – Fully Markets Update
Trader sentiment in the Asian and Pacific Rim is on edge after recent commentary on trade relations between the United States and China unnerved market participants.
White House advisor Peter Navarro, in a television interview overnight, said that the trade deal with China is “over.”
The Asian benchmark in Japan, the Nikkei 225, fell 0.7 percent during the early morning (Hong Kong Time). In Tokyo, the broader Topix index was down 0.53 percent and in South Korea, the Kospi composite index was down over 0.7 percent after opening better than one percent in the green.
Elsewhere in the Asian and Pacific Rim, the Australian ASX 200 fell nearly 0.8 percent and in Singapore, shares on the Straits Times index tumbled 1.6 percent.
In Hong Kong, the Hang Seng index was down 0.88 percent and by mid-morning, on the Chinese mainland, the equity indices were mixed.
Asian Traders Monitor Trade Rhetoric
There are some concerning reports surrounding the trade deal between the United States and China. White House trade advisor, Mr. Peter Navarro, during an interview with Fox News, said that the trade deal with China was now “over.”
Even though Navarro then walked back his comments, traders remain on edge which could give safe haven assets, like the U.S. dollar (USD) a boost over both the sensitive linked assets including equities and oil futures. These two countries are the two largest importers of oil and a trade war could hurt demand for the black gold.
Traders Wait on Global Flash PMI data out of Europe and the U.S.
Today’s economic calendar is all about monthly flash manufacturing and non-manufacturing purchasing managers’ (PMI) indices. The Eurozone will release their monthly flash PMI data as will Germany and France. The United Kingdom is also releasing their flash manufacturing and non-manufacturing purchasing managers’ (PMI) indices.
The world’s largest economy, the United States will also publish their flash manufacturing and services flash purchasing managers’ (PMI) indices. The U.S. is also releasing monthly housing data and the Richmond Federal Reserve branch will release their manufacturing index.
