Forex Marketz Daily Forex News – Fully Markets Update
The United States dollar was softer against the Japanese yen this morning on safe haven demand. Traders are looking at recent trade war comments out of the two world economic super powers, the U.S. and China.
President Donald Trump’s has threatened to impose even more tariffs on China. This is adding fuel to the fire over a trade war between the two superpowers.
The USD/JPY Forex market was down this morning as the yen strengthened to 110.02. This is up 0.47 percent for the day. President Trump said that he could implement an additional ten percent tariff on $200 billion of Chinese goods. This is escalating already tense trade war worries with China causing regional money to flow into the yen.
The AUD/USD Forex market also moved lower. The Australian dollar is at a fresh yearly low at 0.7391. This is also thanks to trade war tensions between the U.S. and China. This tension caused base metals to move lower.
The USD/CAD forex market also moved higher as the Canadian unit weakened. It, the CAD, is trading at a yearly low of CAD$1.3237. Overnight the CAD paired back some of its losses. Traders are increasingly worried about Canada’s trade spat with the United States.
The EUR/USD market is still under pressure. There is a political dispute in Germany’s governing coalition. Also trader hopes that the European Central Bank will keep rates steady into 2019.
Yen and Forex traders watch Trade Headlines
The mounting trade tensions between the United States and China also hit the Chinese yuan. It fell to 6.4660 per dollar. This is its lowest price point in more than five months.
President Trump threatened to impose an additional ten percent tariff on $200 billion of Chinese goods.
In a statement, Trump said he asked the U.S. trade representative to identify the Chinese products for the new tariffs. He said the move is thanks to China’s decision to impose tariffs on $50 billion on U.S. exports.
