Dollar on a weak foot as tech stocks continue sell off.

Asian shares slipped on Tuesday amid escalating trade tensions and concerns about tech firms, although regional index declines were modest compared with those of their Wall Street counterparts as investors focused on global growth prospects. Asia Pacific stocks were short of local cues, leaving Wall Street to drive. That meant they headed lower as US tech is in an unwelcome spotlight while The Reserve Bank of Australia left interest rates alone at record lows, as expected.

The woes of US technology giants spilled over to Asian stock markets once again on Tuesday, which is hardly surprising given that so many of their suppliers are in the region.

The US dollar index remains on the back foot too. Amazon in particular has been hit hard, with founder Jeff Bezos losing hundreds of billions since Trump took aim via his Twitter account.

The story developed as follows: technology shares were hit hard on Monday after U.S. President Donald Trump attacked Amazon.com (NASDAQ:AMZN) over the pricing of its deliveries through the United States Postal Service and promised unspecified changes. The selling added to what has been a rough patch for technology shares this year. Facebook (NASDAQ:FB), Apple (NASDAQ:AAPL) and some of their peers had a woeful last quarter as investors reassessed high U.S. stock valuations in light of a cocktail of negative factors.

So called FANG stocks – Facebook, Amazon, Netflix (NASDAQ:NFLX) and Google (NASDAQ:GOOGL) – have been largely responsible for a multi-year bull run in world shares, although the threat of government regulation has raised worries about their outlook

The dollar pairs have a positive outlook though. AUD/USD leading the charge this morning and lifting off the 2018 lows. The NZD/USD is following suit, with the NZD holding well above the 2018 highs. The EUR/USD sold off, while the GBP/USD out-performed making gains and helping the EUR/GBP to losses yesterday. The GBP/USD is making follow-on gains this morning.

Main market moving events happening today are: German retail sales at 07.00, German final manufacturing PMI at 09.00, UK manufacturing PMI is at 09.30, FOMC member Brainard speaks at 21.30.

Sources: 

https://www.investing.com/news/stock-market-news/asian-stocks-slip-on-trade-woes-tech-sector-pain-1374853

https://www.dailyfx.com/forex/market_alert/2018/04/03/Asian-Stocks-Down-Once-More-On-US-Tech-Woes-Trade-Worries.html

https://www.ft.com/content/b1151f0e-3704-11e8-8b98-2f31af407cc8

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